China Oil and Gas:
After a few weeks of good run in the stock market, it finally pulled back today. I have 2 oil related stocks which could not withhold the drop, and broke below the support. The first is China Oil and Gas as shown in the chart above. I entered rather late, after the price broke above the resistance. As I was optimistic with oil stocks, I got in within 6% above the resistance. Commodities have not been doing well as compared to the other sectors recently. Even the run up was not significant for them to yield profits for traders.
Bought 20,000 shares on 9 Mar 10 at HK$1.31.
Sold 20,000 shares on 22 Mar 10 at HK$1.26.
Commission = HK$350
Loss = -HK$1350 (S$243.68)
IndoAgri:
Likewise, this palm oil stock also broke the support. IndoAgri was my best performing stock in 2009. After the correction in Jan, the price stabilised and was moving upwards slowly. Volume was increasing too, indicating investors’ interest. I got in at $2.14 when it broke the 2nd resistance. The single day run on 10 Mar 10 was comforting but it lost steam thereafter, and broke the support on 22 Mar 10.
Bought 2,000 shares on 24 Feb 10 at S$2.14
Sold 2,000 shares on 22 Mar 10 at S$2.17
Commission = S$50
Profit = S$10
You may also like:
- IndoAgri (long) – closed on 15 Jan 10
- China CITIC Bank (long) – closed on 15 Mar 10
- OCBC (long) – closed on 7 Jan 10
- Straits Asia Resources (long) – closed on 8 Jan 10
- Venture (long) – closed on 22 Jan 10
- Suntec REIT (long) – closed on 22 Jan 10
- UOL (long) – closed on 11 Jan 10
- Genting (long) – closed on 22 Jan 10
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