Tag Archives: Elliott Wave

May 11

F&N: Up Trend Still Intact But Need to be Cautious!

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3324
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Base on current daily and weekly chart, F&N is still on uptrend. F&N is still trading above 50D and 200D SMA. However, need to watch out for a few potential reversal signals:

  • The stock seems like trading at Elliott Wave 5 now on Daily chart. If F&N completes Wave 5, a bearish corrective wave A-B-C will start.
  • $6.80 is the previous resistance level and 50D SMA. Need to see whether F&N is able to hold above this $6.80 resistance turned support level.
  • Shooting Star and Evening Star were formed at the historical high F&N stock price, these two are reversal candlestick patterns.
  • 2/5 EMA is going to show bearish crossover on both daily and weekly chart.
  • 2/5 EMA is going to cross down 20 SMA on daily chart.
  • If all the above bearish signals appear with increase in trading volume, who say there is no “Sell in May and Go Away” this year?

If the $6.80 support is strong and F&N continues the uptrend, I will still NOT enter any long position.

Reason? My rule: NEVER BUY AT HIGH!

So, I am FULL BEAR on F&N stock and preparing to short!

Oct 21

SembCorp Industries: Elliott Wave V starts?

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2744
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SembCorp is not able to get past the $4.00 resistance (also the 61.8% Fibonacci Retracement Level) and looks like the completion of Elliott Wave 1, 2, 3, 4, 5 & A-B-C (marked in blue color).

Reversely, it looks like another Elliott Wave (downward wave – marked in red) in formation starting wave 1 at $5.50. If this is true, wave 4 may have been completed at $4.00 and wave 5 may start now and will reach $3.077 as minimum target. For this scenario to happen, wave 5 must break the recent low at about $3.20.

 

See previous analysis of SembCorp Industries capped at $4.00 here.

 

Sep 28

Jardine C&C: Elliott Wave A or Wave B?

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2586
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Jardine Cycle & Carriage is currently forming Wave A of Elliott. Jardine C&C rebound from the 200D MA support and looks like starting a Wave B. If this is true, the next resistance is at about $43 (20D MA) and $45 (50D MA). Looks like upside is limited and the downside risk is very high just imagine how the Wave C looks like.