May
26
Tag Archives: Hammer
May
09
StarHub – Hammer!
Starhub showed a Hammer in the last trading day after the recent sell down. This Hammer is also near the 61.8% Fibonacci Retracement Level which is a significant support indicates a high possibility of trend reversal. Next immediate resistance is at about $2.279 (78.6% FR level and 50D MA).
Although there is a potential trend reversal and the price will go up, but the upside potential of about 3.6% (from $2.20 to $2.28) does not look attractive to me unless I want to acquire Starhub for the quarterly dividend. Anyway, May usually is a bearish month and I will take a wait and see approach to see whether Starhub can drop below $2.00.
Oct
23
China Fishery – a bigger picture (Elliott Wave)!
China Fishery closed at $1.26 (a critical support level) with a hammer today (a trend reversal). Looking at a bigger picture, China Fishery is forming a nice Elliott Wave (in blue) and currently is probably ended with Wave 4, and the hammer may indicate the start of Wave 5 (the biggest wave).
Coincidently, a smaller Elliott Wave (in red) is observed and probably at the end of Wave C currently. This ABC retracement is approximately at 61.8% Fibonacci Level.
Base on the chart pattern and candlestick, plus the healthy correction, China Fishery will probably go on a medium term bullish upside.
