COSCO: Double Tops Formation

  • Post author:

COSCO Corp is forming a Double Tops chart pattern which is a trend reversal chart pattern. The neckline is at about $1.86 which is the 61.8% Fibonacci Support Level. Breaking below this neckline will confirm the Double Tops formation and will send Cosco share price down to target price of $1.32.

Please also take note that COSCO has broken the 200D MA support and will be retesting this 200D MA. If this 200D MA support turned into resistance, COSCO will start the down trend and head towards the neckline.

Continue ReadingCOSCO: Double Tops Formation

OCBC Bank: Good Entry Now

  • Post author:

OCBC Bank is forming an Ascending Triangle and currently bounced back from the Triangle support at about $9.30 which is also the 200D MA support.  Current OCBC stock chart looks like going to move above all the 3 Moving Averages and heading towards the potential breakout of this triangle chart pattern. MACD is heading towards a bullish convergence region too. Breakout target price is about $10.20.  Current level looks like an attractive entry level to ride on the short term bull trend for OCBC Bank.

However, current chart pattern will not be valid if OCBC breaks below the 200D MA support.

Continue ReadingOCBC Bank: Good Entry Now

China Animal Healthcare: At Corrective Elliott Wave C

  • Post author:

China Animal Health has formed a nice Elliott Wave pattern and currently the stock is trading at the corrective Wave C. Currently this stock is on the down trend after failing to break the 200D MA resistance and no sign of this bearish trend will stop.

Base on current chart pattern and PE ratio, it is not a good time to accumulate this stock for long term investing until the down trend is stop. Current price is over value compared to historical PE ratio.

  • Current Price = $0.27
  • Current PE = 18.38
  • Rolling PE = 15.87
  • FY09 PE = 12.23
  • FY08 PE = 15.78
  • Dividend Yield = 3.04%
Continue ReadingChina Animal Healthcare: At Corrective Elliott Wave C