Sunday, 28 August 2016
Oceanus Technical Analysis: 28 August 2016, Sunday, 10.28am Singapore Time
28 August 2016, Sunday, 10.28am Singapore Time
Attached above is the technicals for Oceanus, an abalone company that is listed in Singapore with operations mostly in China (S-Chip).
The green volume bars of 2013 and 2012 were sell volumes and not buy volumes as warned live by me on China stocks in 2012 and 2013. The market for China stocks is in despair mood now. Despair mode is a breeding ground for re-accumulation as highlighted on the technicals in the chart. Re-accumulation has been conducted for this China stock S-Chip below the light-brown breakdown technical lines and above the green technical support lines. Selling has been dried up. Markets may prepare for a super rebound rally in 2017.
Note that as this is a S-chip China stock, there is always inherent risk when investing in such stocks, hence it is worthwhile to do one's own due diligence.