The Market & Golden Agri
The Market:
STI closed up 2.5%, or 42.26 points, at 1706.34 Tuesday at a five-week high following Wall Street's rally amid a U.S. plan to help its ailing banking sector. Dow rallied 497.48 overnight to close at 7,775.86.
STI closed up 2.5%, or 42.26 points, at 1706.34 Tuesday at a five-week high following Wall Street's rally amid a U.S. plan to help its ailing banking sector. Dow rallied 497.48 overnight to close at 7,775.86.
On the daily chart ( right pan ), the index gap up upon open and close the day with a spinning tops candle at evening star position ( sign of short term reversal ). The closing today sat exactly at the 100MA ( how amazing ). On the weekly chart ( left pan ), the weekly candle touches the trendline and 20MA. Both 50 weeks & 100 weeks MAs are pointing down and far apart. CCI for daily & weekly charts are oversbought.
Although STI has succeeded in its attempt to shame me the past two days, I maintain my bearish view for the mid-term ( you can say I am stubborn ! ). I attempt to short STI at 1,720 today at around 4:30pm but it was too late as the index slip back below 1,710.....
Although STI has succeeded in its attempt to shame me the past two days, I maintain my bearish view for the mid-term ( you can say I am stubborn ! ). I attempt to short STI at 1,720 today at around 4:30pm but it was too late as the index slip back below 1,710.....
Golden Agri:
This counter has finally turned bullish today! RMO shows blue arrow, blue bar & bullish ribbon. K-line crossover has just taken place ( and there is a trendline breakout ). However, CCI is overbought so there might be some pull back ( good for entry ) before further advancement. That said, beware of the conflicting view I had for the index....
Labels: Market Direction, Stock Pick
posted by Market Wizards @ March 24, 2009
Comments: 0
