Global Logistic Properties (One Black Crow)

Posted on Nov 1, 2011 2 Comments    Posted under: Home Post, SG MarketWatch

As we clearly predicted over the weekend, the Straits Times Index (STI) retraced as investors look to take profit. Global Logistic Properties (GLP) too, experience a selldown and triggered a “One Black Crow” bearish Japanese Candlestick formation on the technical charts.

GLP currently trades near it’s support around 1.715. Watch this counter closely as a break of that level of support could see a further retracement to test it’s next level of support at 1.61. On the technical charts, Stocastic looks to be forming a potential bearish crossover. RSI is also showing signs of weakening in this counter.

However, if GLP managed to close tomorrow’s trade above 1.715, that would negate the bearishness and GLP could potentially trade higher to test it’s next level of resistence at 1.78. Invest with caution.

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2 Comments + Add Comment

• 
  Josephine November 2, 2011 at 12:36 pm

  Nice one. Besides the one black crow, we see a shooting star in the prior trading days as well. Overall combining the 3 day candlesticks, I see an evening star bearish pattern which as I am speaking now has confirmed to the downside.

  Vested and thanks

  Reply
• 
  Kayleen November 2, 2011 at 4:33 pm

  Dear Josephine,

  You are right about the triple bearish signals for GLP Logistics however do be careful if you shorting the counter as I see a nearby support at around 1.67 coinciding with the 50 DMA which seems to track this counter well thus this might become a reversal point for GLP should it happen. Moreover, the 20 DMA is closeby and slopping upwards which can become another potential support for reversal too.

  Just sharing.

  Kayleen

  Reply