Is Wing Tai Properties going bankrupt?

I was off blogging for a while to focus on other things in my life. I was surprised when I saw over a thousand visits on my blog when I came back this week.

My last blog was on Singapore election, so I figure that people visiting for this. I was even more surprised when to see a viewer went to check out my article on Wing Tai Properties, titled Wing Tai Triangle dated 24th Nov 2009. 

This was donkey years ago, but it made me wonder why the person wanted to check out this article. Is something happening to Wing Tai?

Wing Tai was at around SGD1.70 at the time, it was one of the more powerful companies in Singapore, primarily because it was dealing with properties. 

I still remember one of my lecturers in Graduate Diploma on Business Administration shared about a job interview at Wing Tai. He was actually interviewed by the president of the company.

It was like a cordial chat and during the process, the secretary walked in with a report. The president took one look, showed it to him and asked him what he thought about the issue how he might handle the situation, which he answered. Eventually he got the job.

Fig 1. Wing Tai Properties weekly chart

It was to my surprised when I opened the chart on Wing Tai today. Gone were the days when Wing Tai was one of the stronghold of Singapore. Its highest point this round was 0.693in 2018, when its descent has begun, and it has never recovered until now.

It actually closed at 0.152 this week!

Unfortunately, I am not seeing much sign of reversal at this point of time, it has yet to reach its 100% projection objective at 0.1183. Nevertheless, I believe that Wing Tai should be heading back up to 0.1849, its 55-week moving average.

At its worst, it is possible that Wing Tai might proceed further to its 127% projection support level, which is 0.015.

I am really speechless to see an once giant dropped to such a low level. If it heads for the 127% projection point, it will be a point of no return, remind me of the math problem I mentioned in The sad state of Credit Suisse, which the entity stuck at its bottom.

There is a remedy though, which is a change of leadership, resulting in a different direction for Wing Tai, other wise, Wing Tai should prepare for shut down, permanantly.

Oh! I missed England.....

While having dinner with my relative from England, I just realized how much I missed the country.

Lee Kuan Yew always said Singapore is unique, but seriously, there is nothing unique about Singapore. I am the destination expert for Singapore in http://www.tripadvisor.com and I find myself having difficulties tohave break through in recommendation on places of interest. There are simply too little to go around.

England is truly unique, how often you have people chasing after "Today in Parliament" the heated debate on issues, members of parliament asking questions simply because it concerns the welfare of the people who supported him. The level of brilliance the prime minister is definitely shown in the process. His policies is constantly being scrutinized by the MPs regardless ruling party or opposition. Best yet, there is no party whip, MPs vote because they make their decision. The British actually watch their "today in Parliament".

Comparing to England, Singapore parliament is a joke! Preprepared questions, childish and inexperience handling of rebuttal to the oppositions, only "constructive" criticisms allowed. Worst yet, the minister of the policy or the prime minister have the last say. I also find the ministers somehow fail comprehension because they respond to the questions with answers leading to the question. For example if the question is " how is eating this makes you more healthy?", their answer is "yes, I have eaten this." The joke is that the speaker of parliament considered the question answered. How can Singapore move forward with this kind of parliament where policies is not properly scrutinized?


Fig 1 Wing Tai Weekly Chart

Tonight, I am reading Wing Tai through the weekly chart. The daily chart is too distracting. Wing Tai is supposed to come down because of a head and shoulder. It has earlier retrace back to the neckline after breaing it momentarily. The trouble is it is now clinging onto the neckline, refusing to go down.

What I also see is the indicators trending down so most likely the counter should be going lower soon. But I am uncertain judging from the lack of movement on Wing Tai. Partially because it is moving in side trend, partially because it is at the apex of the Gann Grid lines. The weakness of chartist is when chart go side trend, it makes a difficult read and you won't know when is the counter really going to move. changing trend of indicators only tells its reversal but not the momentum.

Wing Tai is presently clamp between the 21 weeks moving average resistance of 1.74 and 89 weeks moving average support of 1.678. I figure that it is quite a narrow band. Sooner or later, it has to break either up or down.

Wing Tai heading for neck line

Fig 1 Wing Tai Daily Chart

My last up-date on Wing Tai as I recalled mentioned the head and shoulder formation and that it has broken through the neckline. As always, the chart needs to return to the neckline before moving south to meet its objective. Wing Tai is no different as far as I am concern.

My estimation is that Wing Tai might hit 1.70 which also coincide with the negative gradient of the Gann Grid line. This would probably be the location where the counter reverse again.

Wing Tai is crossing over

While typing the title, I suddenly feel like I am the Ghost Whisperer. I am not really sure what's my previous entry was on Wing Tai. I assume it was about a potential head and shoulder formation.


Fig 1 Wing Tai Daily Chart

So what did I mean by crossing over. It is all about the neckline, Wing Tai has just crossed the neckline today which could mean the maturity of the formation and that now it is going to head for its objective @ 1.186. However, to be sure that it is a true crossing, it must see the light...okay, it is not the show. What I mean is that it must remain below the neckline for the next few days, otherwise it would be a false break and the whole set up has to be re-caliberated.

At present the indicators are heading south meaning that the momentum downward is quite strong, chances are Wing Tai is going to break. If I use the rules of Elliott wave. We should be at a C wave and the formation is a zig zag pattern. Using the length of A wave as reference, Wing Tai should have an objective of at least 1.43. Therefore it is still in progress of completion.

Wing Tai in decision zone

I have not been writing on Wing Tai's development for a while. The last time I wrote about it was when it has moved up. after looking at it again today, I have decided to write something on this counter.


Fig 1 Wing Tai Daily Chart
I see 2 possible patterns in formation for Wing Tai. The first is a potential head and shoulder if confirmed will lead to objective of 1.18. The other one is a symmetrical triangle, which have the same measurement since the first point of envelop formation coincide with the "head" of the head and shoulder.

My hunch is that Wing Tai will not go down just yet. For one thing, the triangle is not complete. the is still an "e" wave to go, I suspect it will hit 1.88 before retreating and thus breaking the lower envelop.

There is an alternate possibility, if Wing Tai breaks the upper envelop, this is likely to mean Wing Tai going to climb higher. That will lead to an objective of 2.38.

At present moment, the RSI is at the bottom, so it will still support the up move of Wing Tai

Wing Tai - The one that got away

My earlier entry on Wing Tai mentioned that I came out of this counter on stop loss. I have set 1.67 as my stop loss and by the time I came out, it was 1.64. It was not my hessitation that cause the gap between my stop loss level and the price I actually released the stock. I was only away from my monitor for 20 minutes while Wing Tai plunged towards 1.64. Anyway, it was still a good move then because Wing Tai actually went to 1.59 after that. By then, the indicators were all at the bottom poising up, giving signal of "buy". Unfortunately it councide with STI poising for a reversal downward. I was bearish since then and real hessitated to re-enter the market. Well, partially it was also the structure of triangle creating the possibility of Wing Tai being at "B" wave. Naturally, the assumption would be wave C down.


Fig 1 Wing Tai Daily chart

Since then Wing Tai went no where except up. IT broke through the upper envelop of the triangle and in fact working towards its objective of 1.90. IT actually broke through 1.70 last Friday but I hessitated to act due to the potential hazzardous STI at the moment. I did not pursue. I guess this is one that got away....

DJIA, HSI, Nikkei225 and Wing Tai

So finally after 2-3 days attempts, I have managed to up-load my charts on the blog again. I have made it a point to up-load 4 charts at the same time, one of Wing Tai, Nikkei225, HSI and DJIA. One may ask why Wing Tai amount the indices? Well, there is not much relationship really. It is just that I want to ensure the chart is loaded as a record for tracing since my last entry was without a chart and it may be a little difficult to visualize even with my "colorful" description.


Fig 1 Wing Tai Daily Chart

By looking at its daily chart, I waould really consider quite stupid to enter the counter thinking it was a breakout. The triangle was formed AFTER it retreated from the top, this is high chance a "B" waveafter the completion of "A". The logic should be a continuation of "C". Therefore I should be expecting around 1.42 target instead.


Fig 2 Nikkei 225 Weekly Chart

I took a mild interest in this index because among the indices I looked at, I have a feeling that this index is actually tending to go up!. Both RSI and Sochastic are already reversing and the support seems quite good.

Fig 3 HSI Daily Chart

Its funny that people cheer when HSI went up today, or any other day. The thing is that it is one of the up day of the down days. It is still trapped within the wedge formation and half way down to its envelop support. I am still betting that it will break its support and head south.

Fig 4 DJIA weekly Chart

On weekly basis, we can see that DJIA is meeting resistance from both the envelop of the wedge and the downward trendline. I am still measuring around 10,500 as the crucial point for it to break. On daily basis, the same trendline is situated differently and apparently DJIA has broken through. However, it could still be a false break. Both RSI and Stochastic on weekly basis is tapering off at the top. There is a high chance of it going down.

Wing Tai

Wing Tai is one of the first counter that I came to know of when I first started trading. However, it did not attract me until a few years later (2001-2003). I was still learning to trade and did not make much out of it. For one thing, this is one long living index stock would is quite affordable at bottom of the market, compare to many other counters.

Wing Tai was on my watch list but I did not take action until recently partially because its gain in percentage is not as good as the lower priced stocks. Nvertheless, it caught my attention and I kind of caught the last wave but still got my hand burnt a little bit.

I enter the counter right before the final leg and managed to catch the wave. Unfortunate, I had a miss in monitoring (for a few hours) and the stock plunged on a surprise from 1.90 to 1.70 on the very day. It was way beyond my stop loss but I still executed the action at 1.74. Now what is next for Wing Tai?


Fig 1 Wing Tai Weekly Chart

Base on the latest up-date, Wing Tai is on continuous down trend on weekly indication. The counter is nearing the trendline and about to test its potency. Both RSI and Stochastic is moving south with divergence to confirm. Having their position at above 50% tells that there are possibly more to go. I do not see any pattern forming for a measurement but base on its 21 weeks moving average, the support level at this moment is 1.54 while 89 weeks moving average at about 1.50. If there is a pattern forming, the neckline is likely at 1.56. I do not see any up-side for the time being.