Global Logistic Prop (GLP): Shooting Star

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GLP showed a Shooting Star at the Up Trend Channel Resistance, a potential short term retracement of GLP back to up trend channel support or 20D / 50D SMA. Opportunity for short term bearish trade or buy on dip for long term investment. Currently GLP is on up trend technically. Take note that GLP is not under value base on PE ratio.

Key Statistics for GLP

Current P/E Ratio (ttm) 17.9633
Estimated P/E(03/2013) 27.3886
Relative P/E vs. FSSTI 1.5338
Earnings Per Share (USD) (ttm) 0.1282
Est. EPS (USD) (03/2013) 0.0840
Est. PEG Ratio –
Market Cap (M SGD) 13,367.11
Shares Outstanding (M) 4,756.98
30 Day Average Volume 10,775,970
Price/Book (mrq) 1.2899
Price/Sale (ttm) 16.5015
Dividend Indicated Gross Yield 1.07%
Cash Dividend (SGD) 0.0300
Last Dividend 07/24/2012
5 Year Dividend Growth –
Next Earnings Announcement 02/14/2013
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F&N: Up Trend Still Intact But Need to be Cautious!

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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!

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

OCBC Bank: Beware of Reversal!

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OCBC has been on the uptrend since rebounded from the recent low of about $9.00. OCBC is currently testing the uptrend support turned resistance at about $9.60.  This is also the significant 61.8% Fibonacci Resistance. Last Thursday OCBC ended the day with a Hanging Man candlestick pattern but the stock did not reverse. The stock ended with a Shooting Star pattern on Friday. Both Hanging Man and Shooting Star candlestick patterns are trend reversal pattern. The odd of trend reversal is even higher when these patterns are observed at the resistance level.  If OCBC does reverse the trend, the stock may retrace back to $9.30 which is the 200D MA support and also the 50% Fibonacci Support.

Continue ReadingOCBC Bank: Beware of Reversal!