Ezra

I am a little bit under the weather for the last few days. I had a sore throat on Saturday evening after my dinner and I still have no idea what caused it. Then the dis-ease really caught up with me by sunday morning, it was like the whole body was cracking. By evening time, my temperature was at a height of 40DegC.

The doctor gave me 2 days MC so I am now staying home resting. To be honest, my head is still spinning as I type.

Since I have very little to do other than rest,I checked up on the charts.

I came across this counter Ezra on my mid-cap layout. It seems to be a counter which was frequently discussed recently. I have no idea what it does and how people are attracted to this counter. Anyway, I took a look.


Fig 1 Ezra Weekly Chart

The chart is interesting, the counter gapped down from a height of SGD7.00 completing a 3 wave pattern by Oct 2009 with a low of SGD0.325. It has lost 95% of its value.

It then went back up to SGD2.50. hovering between 23.6% and 38.2% of its Fibonacci retracement. From the wave count, I would say that it is in the 4th wave, which could be a rectangle or a double top reversal. Well, since I am writing it today and that I have seen its 1/2 day performance at 2.04. I gather that the Double top seems more appropriete at the moment.

Both RSI and Stochastic are 1/2 way down so there is some more distance to go. Since I am looking at double top, its objective is around SGD1.47.