Keppel Corp is testing the $8.45 resistance for the 3rd time! If it cannot break the resistance, a triple tops may be formed. There is also a divergence in price vs volume. If tomorrow market open gap down and end with a bearish candle, an Evening Star is formed and the trend will be reversed. The price may move down to around $7.00 level.
Epure International closed with a black marubozu candle today at $0.61. It has also formed a Head and Shoulders and will probably retrace back to test the 20D and 50D MA support lines again. If it breaks these MA support lines and move south, the trend reversal is confirmed. The chart and candlesticks pattern look bearish. However, a retracement back to $0.46 (61.8% Fibonacci Retracement level) is good for a healthy long term up trend.
Semicondutor industry is a cyclical industry. It is forecasted this industry will grow at a minimum of 10% in 2010. Recent semiconductor industry reviews:
SMH broke the long term Fibonacci 61.8% resistance of $24.763 and this level had become a very strong support level.
SMH is currently testing its another strong resistance at $26.24. If SMH can stay above this resistance turned support level, the uptrend is confirmed. Otherwise, it may retrace back to $21.809. SMH has not retraced back to this 61.8% Fibonacci level yet to build the base for future up trend. SMH is currently above 20D, 50D and 200D MA.