Are We Out Of The Wood ?
The Market:
SembMar:
STI has corrected for almost 4 weeks now. Are we out of the wood yet? Well, we need to observe two key levels in order to answer this question:
1. If the index is able to break above 2,785, chances is we are done and will head for a mini CNY rally.
2. If, however, the index breaks below 2,706, more downside can be expected ( support are 2,600~2,650 ).
The direction of STI is largely affected by Dow. But if we put aside the external factor and just look at the STI chart by itself, there is sign where the index is beginning to gain back some momentum ( evident by ROC & MACD histrogram turning positive ).
1. If the index is able to break above 2,785, chances is we are done and will head for a mini CNY rally.
2. If, however, the index breaks below 2,706, more downside can be expected ( support are 2,600~2,650 ).
The direction of STI is largely affected by Dow. But if we put aside the external factor and just look at the STI chart by itself, there is sign where the index is beginning to gain back some momentum ( evident by ROC & MACD histrogram turning positive ).
SembMar:
The chart is looking compelling. If the market ( STI ) turns bullish, this could be a counter to consider!
Labels: Market Direction, Stock Pick
posted by Market Wizards @ February 04, 2010
Comments: 0
