SIA - Swing Trade Setup
After three days of decline, prices are now trading near 20 SMA and CCI is in oversold. region. While prices may dip further ( better - provided not below $14.10 ) before a rebound takes place, anytime when it bounces back to previous day high or 30 minutes high will be the swing buy trigger.
Another two counters that have swing trade setup are Genting & SembMar.
The Market:
STI is currently trading very near to 61.8% Fibonacci retracement level between October 2007 high and March 2009 low. Penny stocks are dominating the top active counters. Both signs combined warn upside maybe limited. Immediate supports are 2,900, 2860 and 2,830.
According to the popular saying, 'as January goes, so goes the year". The first five days in January serves as the barometer of the new trading year. So far, Jan 4 was fine but Jan 5, 6 & 7 are lackluster.
Labels: Market Direction, Stock Pick
posted by Market Wizards @ January 07, 2010
Comments: 0
