NSE's bounce reversal in November was very bearish. Opened @3536 on Nov 1st and closed @3155 on Nov 30th - 408pts down or 11.5% down in a month. The Nov reversal has formed a thick inverted hammer, which if it had been followed by a large monthly volume would have presented a case of trend reversal in favour of bulls going forward. But lack of volume means the ensuing bounce in Dec will be weak and potential to breakdown below 3000 is highly likely.
SCB - below rights issue price @166 as per expectations. 140 - 150 levels are strong supports.
Coop - The large volume in early November forced the breakdown of 14/- handle. In Aug there 2 consecutive weeks of huge exit volume. 10/- is a possible target.
ARM - November bounce fully retraced and forming a nasty H&S pattern. Objective of H&S targets 124 - 125.
Kengen - Wow! Pilot bailed out @10.60. Target 7 - 7.50.
MSC - Likely to test 2009 lows at 3.60. Some exit volume in November.
KK - No volume support still, 9/- handle will give in.
AK - very interesting volume - this thing is being accumulated for the next rally as long as 4.75 is not broken down.
Britank - Will need a lot of floaters to stem the selling pressure. Very bearish. I'm liking this extreme bear sentiments, the rebound will be fast and furious. Below 4/- it gets interesting for a contra play.
Centum - large exit volume in Nov @15s has taken out a lot of support and sub 13 is likely. Hard to tell where it will land.
DTK - accumulation volume below 90/- is already happening...
Equity - likely to test 16/- If this support breaks the acceleration down will be swift all the way to 12/- just like when KQ lost 25/- handle.
KCB - very ugly chart. More downside coming aiming 11 - 12/-
KPLC - finally 3rd attempt of supply test @17/- breaks the dam open for targets @14 - 15/-
Mpesa - this one has me puzzled. Lost the 2.90 guard-rail on numerous supply test attempts, but still hanging around instead of slipping towards 2.50. Is it a silent accumulation? Have all wanjikus been cleaned out or they gave up - no more panic...?
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!