Our Focus For Today is on Mid Caps – Oil & Gas Sector
Morning Highlights
Market opened positively at 2575.64 and created a low of 2673.88. Thereafter, it starts to climb higher from the low. Ideally, if today’s low at 2573.88 is not tested during the rest of the day, we can confirm a strong support range between 2560.15 – 2573.88.
Presently, we can enter our trades with normal risk with strong emphasis on Ezra, AusGroup, Baker Technology, SPH and MediaRing. You are advised to watch out for other stocks within the Mid Caps.
Please Avoid Trading Blue Chips!!
Overall, china stocks aren’t performing lately, but today, we have a sudden surge by both Asia Food and Sinomem. We will keep a lookout for these two shares.
Quick Picks: Here is a quick pick screen that we have designed to pick out potential stocks, both Bullish and Bearish. These are measured with emphasis on larger changes in price and volume.
Bullish Stocks (Singapore)
|
Name |
Entry |
SL |
TSL |
TP |
Remarks |
||
|
1 |
BIOS |
Biosensors International Group Ltd |
0.615 |
0.56 |
0.565 |
0.67 |
LOSS – CLOSED at 0.59 |
| 2 | RAFG | Raffles Medical Group Ltd | 1.33 | 1.22 | 1.44 | ||
| 3 | EZHL | Ezion Holdings | 0.845 | 0.755 | 0.925 | Short term resistance at 0.815 | |
| 4 | SPRM | Singapore Press Holdings Ltd | 3.74 | 3.62 | 3.86 | ||
| 5 | GIL | Genting | 1.05 | 0.975 | 1.08 | 1.13 | Triggered – Current Price at 1.13 |
| 6 | HSEN | Hiap Seng Engineering Ltd | Trade high of 0.645. Waiting for setups.. |
||||
| 7 | AUSG | AusGroup Ltd | 0.795 | 0.73 | 0.86 | ||
| 8 | EZRA | Ezra Holdings Ltd | 1.73 | 1.61 | 1.85 | ||
| 9 | MRNG | MediaRing Ltd | 0.28 | 0.22 | 0.34 | ||
| 10 | HYFL | Hyflux | 3 | 2.78 | 3.22 |
Stock Prices last updated at 17.38 (Singapore Time)
Afternoon Highlights
STI is holding up well by 25points since the afternoon trading session. (as of 15:42) It managed to cover the gap from yesterday’s sell-down. Since index is holding on to its gains, this gives a good sign that yesterday’s sell-off is likely to be panic selling and not the start of a reversal.
Do watch out for the resistance at 2618.99. This resistance has been tested several times but failed to breach decisively.
The Shanghai Composite soared 4.8% to 2,845.02
Chinese stocks on Thursday posted their biggest percentage gain since March, as metals and financial stocks soared on hopes the government will act to support markets after a heavy sell-off recently.
Yesterday’s News Released
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U.S. factory orders rise a less-than-forecast 1.3% in July
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Palm oil prices weakening
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Crude palm oil for November delivery dropped by 2.3% dod yesterday, adding to a 2.8% decline the day before. Both palm oil related stocks, Indofood (-3.7% dod, $1.56) and Wilmar (-2.6% dod, $6.26) dipped in trading session yesterday.
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New was out yesterday morning that Sembcorp Marine has terminated a contract to build a jack-up oil exploration rig for Petropod which has failed to make payments. Although the cancellation is not expected to have a material impact on the company’s earning, the stock (-2.2% dod, $3.05) was still under selling pressure.
In Summary
Index closed at 2592.64 with a gain of 22.71points. On the 15 min chart, we are glad to see that market did not test the low of 2573.88. On the daily chart, the formation of the double bottom could signify a continuation of a new uptrend soon. (refer to charts below)
1%5B3%5D.jpg "STI 15min & daily 03009(EOD)1")
On a final note, please pay good attention to the Oil & Gas Sector!
Quote of the Day
“I always knew I was going to be rich. I don’t think I ever doubted it for a minute.” – Warren Buffett
