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Tuesday, October 13, 2009

DJIA HIts Resistance

Dow retested the resistance at 9,937 but fall back quickly from the intra-day high of 9,978 to close at 9,885. The failure to close beyond the last significant high could signal a near term weakness. The long legged spinning top candle seems to suggest a 'rejection' to rally higher.

I could be wrong but this is how I interpret from the chart !



My mobile phone continued to be flooded with SMS on penny stock calls. The latest was Beng Kuang ....

The STI chart is not as clear as the DJIA chart. But I continued to suspect there is a probable Ascending Triangle being developed, which has a bullish implication. Has the long awaited retracement of 38% or so compromised by the sideways consolidation? Before I am certain of which way the market is going, I remain defensive in my action.

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