Congratulations to all those who were able to buy AEV before it broke 14.25! Target of box range achieved at 15.25*. I now regret not buying AEV yesterday when I had a chance. Haha! But anyway, life goes on, right? Instead of sulking over it, I checked how AP was doing. It was doing at around 13.5 while AEV was doing at around 14.75 to 15 already. Aha! I bought AP instead. Luckily, it was able to close the day at its highs, just like its mother, AEV! AP's upward channel points to a resistance of 14.5. Its bullish ascending triangle points to a target of 14.75. There is also psychological resistance at 15. So, in a nutshell, AP is approaching resistance areas.
Property stocks also shared the limelight for the day, which was led by MEG, the strongest property stock today. It opened at 1.40 and even reached a high of 1.44. I thought this one would be sleeping for the day as it even went to a low of 1.36. But lo and behold! It was able to rebound back to 1.44 by the end of the day. Now it's FLI lagging behind MEG, when a few trading days ago, it was the other way around. If MEG continues to go up tomorrow, you can expect resistance at around 1.48 to 1.52. Then for the sake of those who got left behind, let's hope this one consolidates or corrects first so we can take part of the next wave!
Cheers!
*For a more detailed analysis on AEV, do click the link under the Stock Picks section at the right labeled as Stock Picks for April 12 to 16, 2010
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