Market Correction
STI has corrected by 241 points in a fast and furious manner after breaking the uptrend line on January 21. The support at 2,785 did serve as a brief defense but not for long. Subsequently, even the 100 SMA was taken ! Next major support is 2,600, which will be where the 200 SMA be. However, the market won't move in a straight line whether up or down. RSI is severely oversold now. Chances is the market will head for a rebound before deciding which way it will go!
IndoAgri Update:
Prices has reached a major support ( $1.90 ). We need to observe whether the support holds. If it does, $1.90 will be a bargain. If it don't ( support breaks ), we may se $1.20 !!
posted by Market Wizards @ January 27, 2010
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