First Resources (SGX:EB8)
First Resources displayed a sequence of bearish reversal signals over the past 4 days (shooting star, hanging mans) and closed today with another bearish shooting star implying a potential exhaustion of its rally for a near term correction. The bearish signals also coincides with a gap down in early May 2016 that was untested for over 3 months (the longer gap holds, the stronger the resistance/support). This creates a potential major resistance level for First Resources.
Observation in MACD and RSI reflects a bearish divergence as well.
Asian Pay TV (SGX:S7OU)
Asian Pay TV has recovered marginally last week, after the earlier confirmation of a price correction from its Bearish Reversal Candlestick Pattern (Shooting Star).
At the current junction, it is still a mid term downtrend counter with lower highs and lower lows establishment trading within a downtrending channel. The levels to watch for the week are $0.585 immediate resistance level which would signify the first sign of strength in potential negation of this downtrend formation. A breakdown of support at $0.525 will continue to infuse further selling pressure towards its all time low at $0.525