Nasdaq – potential bearish head and shoulders formation in the making? (29 Sep 19)

September 29, 2019 el15

With reference to my earlier write-up (click HERE) titled “S&P500 at 2,979 – limited potential upside (8 Sep 19)”, S&P500 touched intraday highs of 3,021 – 3,022 on 12 Sep 2019 and 19 Sep 2019 but it was still lower than the record intraday high of 3,028 on 26 July 2019. S&P500 closed at 2,962 on 27 Sep 2019. Hang Seng and STI touch one-month intraday highs on 13 Sep 2019 before profit taking sets in. October is likely a volatile month ahead given (just to cite a few examples) more news on trade talks (e.g. U.S vs China; U.S. […]

GSS Energy potential inverse head and shoulder formation (13 Sep 17)

September 14, 2017 el15

Since my write-up on GSS Energy (“GSS”) dated 18 Aug 2017 (see HERE), GSS’ share price has jumped 12% from $0.137 on 18 Aug 2017 to close at $0.152 on 13 Sep 2017. Based on my personal chart observation, it seems likely to be in the midst of forming a potential bullish inverse head and shoulder formation. Chart outlook GSS has reclaimed its 200D exponential moving averages (“EMA”) within three trading days after breaching. It has subsequently moved back to its lower trading range of around $0.152. Based on Chart 1 below, there are certain noteworthy points. a) Potential […]

Chart alerts for ISOTeam and Singpost (9 May 17)

May 11, 2017 el15

Two charts have caught my attention, one potentially bullish (Singpost) and the other one potentially bearish (ISOTeam). Below are my personal views. 1. ISOTeam – hanging near critical support Based on Chart 1 below, ISOTeam has been trading in an approximately 10 month range $0.370 – 0.430 since Jul 2016. Most exponential moving averages (“EMAs”) such as 20D, 50D and 100D are sliding and compressing. This compression is usually unsustainable over the long term and may signify a possible significant price movement. ADX closed at 24. Although the directional indicators (“DIs”) are positively placed, +DI is turning downwards quite […]

Is Midas a recovery play in 2017? (3 Feb 17)

February 6, 2017 el15

Midas has recently announced contracts after contracts. Based on Table 1 below, it is especially evident that Midas is gaining traction (particularly from 23 Jun 2016 onwards) in winning orders from clients, especially from its 32.5% stake in CRRC Nanjing Puzhen Rail Transport Co., Ltd. (“NPRT”). However, investors do not seem to share this optimism as Midas has fallen approximately 12% from $0.260 on 23 Jun 2016 to $0.230 on 3 Feb 2017. Table 1: Ernest’s compilation of contracts announced since 2015 Source: SGX; Ernest’s compilation Is the market overly pessimistic on Midas? I am fortunate to meet Mr. Patrick […]