S-Chips & Penny Stocks Signaling
Dow opened lower Tuesday morning [ 9:30pm Singapore time ] ahead of manufacturing and housing data. On Monday, Dow tested the uptrend line and bounced back after touching the trendline and 20 days simple moving average (SMA). I suspect this trendline and 20 SMA will continue to provide good support in the near term.
Locally, STI is back to the point where we are hugging the uptrend line again. We need to monitor carefully will the uptrend line and 20 SMA be able to hold over the next few days. Personally, I hate to see counters like Longcheer and Ace Achieve...etc. started to run again. This reminds me of Sept ~ Nov of 2007 where the end of party is not far. My hope is if Dow get supported, STI will be supported, because I am still incline with the idea we are still about 100 points away from the reversal.
Labels: Market Direction
posted by Market Wizards @ September 01, 2009
Comments: 0
