Trading Ideas. Sapcres

Sapcres has made a nice bounce from its intermediate support of 2.26. Now if u miss the 2.26 bounce trade, there's possibility of round 2. Today Sapcres closed at 2.45 which is above the intermediate resistance of 2.43. Now, if it can stay above this level, the next intermediate resistance would be 2.50 and thereafter would be really sweet to see it crack 2.58...
Based on the daily charts...is there room for further upside? well...why not. The 5day MA has just made a crossover on the 20day MA. MACD has crossed over into +ve territory. Stochastics seems to be still on the rise and don't look overbought.

Lets backtrack a bit, from 30/12/2009 Sapcres has been making a slow steady decline until 09/02/2010 where it closed with a nice hammer candle. I would call that the 1st pivot in the 3 months time frame. It has gone on to form a 2nd higher low pivot on 05/03/2010.
Like I said earlier it would be real sweet for Sapcres to stay above the 2.43 level. However if it does pullback (remember the market is never wrong), the sweetness is still there as long as the pullback does not hit below 2.26.

Sapcres. Brief Comments

A recent relocation exercise and the pathetic state of the local broadband facilities kept me away from posting for awhile.

Now on Sapcres .... Double basket!! First was the Pennant failure. Then the failure to bounce at around 1.42.

Looks like Sapcres is trading sideways for now & the near future. Significant volume is absent. EMAs & MACD are giving neutral readings. As long as the stochs don't dip below 20%, there is "hope". Weekly charts shows a neutral candle, neutral EMA, neutral MACD with declining stochs. I still don't see the "light" at the end of the tunnel yet...

However if the backside is itchy for some action, there is a possible narrow room/margin for short term trade between 1.32 - 1.44 and/or 1.36 - 1.44.

S1 - 1.36

S2 - 1.32

Exit plan must always be adhered to! :)

Sapcres. Pennant Failure

Basket. Pennant failure. If bought earlier on in anticipation of successful pennant formation, then should have already exercised exit plan at 1.47. If not, why? :)

Note gap down between 1.45 & 1.42
Possible buying opportunity on 1.42 bounce
MACD creeping down on daily charts. Stochs around 20.

Sapcres. Possible Pennant Formation & Breakout?

Possible Pennant formation & breakout?

Immediate support : 1.53

S2 : 1.48/1.49

R1 : 1.63

News. Seadrill Buys 10M More Sapuracrest Shares

Extract from TheStar :
Tuesday April 15, 2008
KUALA LUMPUR: Seadrill Ltd bought another 10 million shares of Sapuracrest Petroleum Bhd in early April, increasing its total shareholding to 203.82 million shares.
A filing to Bursa Malaysia showed the Oslo Stock Exchange-listed Seadrill, which is involved in offshore drilling operations, bought 2.50 million shares of Sapuracrest each day from April 7-10.
After the recent acquisitions, Seadrill’s shareholding in Sapuracrest rose to 17.44%. The share price was trading between RM1.29 and RM1.41 on those days.
Sapuracrest’s share price surged to a 52-week high on July 26 last year while it hit a 52-week low of 98 sen on March 10. At the current price of RM1.38, it is trading at a price-to-earnings ratio of 18.06 times.

Trading Idea. Sapcres

Proposed entry - 1.47
Stop - between S1 - S3
S1 - 1.46
S2 - 1.43
S3 - 1.41
R1 - 1.49 (cluster)
R2 - 1.58
R3 - 1.72
On daily charts : Rising MACD, rising stochs, rising volume