Just continuing my little update I did for the 4 SG tech counters. (AEM, HiP, UMS and Valuetronics).
10th June'19 - https://www.investingnote.com/posts/1472039
09th May'19 - https://www.investingnote.com/posts/1416610
Quick Summary: I see all of them approaching (AEM, HiP) or have tested (UMS) their respective primary downtrend cycle resistance lines. Valuetronics is near supply zone. Expect stronger selling but if managed to close or consolidate above resistance line then we could be looking at trend change already (Just take note: NODX is in downtrend, lol)
$AEM(AWX.SI) This champion has been following a descending wedge pattern after the rally has ran out of strength in Mar'19. At the moment the descending wedge resistance line is proving to be some form of challenge. On a brighter note, it has found its way back to the intermediate uptrend channel and consolidated at the support line before moving further up away from the support line. Keynote: As the correction did not close below the green support zone, I would say the intermediate uptrend is still intact. A good confirmation of a change in trend is when the primary downtrend cycle resistance is finally breached.
$Hi-P(H17.SI) One glance and one can concur the intermediate uptrend is still in play. The rebound so far is at the 1/4 mark of the uptrend. The primary downtrend cycle resistance line is coming close so preferably wait till then for any confirmation in change of trend.
$UMS(558.SI) Of all the 4 SG tech counters covered here, I would say UMS has tested the primary downtrend cycle resistance line the most (and failed, LOL). Was hoping this champion to finally break the resistance line first to give other SG tech counters hope. Last candle stick quite ugly but fortunately it was able to close in the orange zone. Should this champion close below the orange zone, green zone is expected to be in sight. Funfact: The pink zone drawn is the long term support zone since 2009, so D-Day between support and resistance is imminent.
$Valuetronics(BN2.SI) This champion indeed did a nice run from green zone to red zone. So the historical pattern pointed by the 2 black arrows holds true. But this champion a bit bo xim, touch&go the red zone only so far. We are close to supply zone (red zone) so shareholders of BN2 gotta be careful.
If you have read this far, here's a bonus for you.
$Venture(V03.SI) Still in a primary downtrend cycle and also like (AEM & HiP), the downtrend resistance is coming up. Will need a close or consolidation beyond the resistance line to have strong confirmation of trend change.
This would be my final update in this 3 parts update series. I hope you guys have enjoyed it. Till next time. Ciaos.