Straits Times Index - Trendline Broken
As cautioned in my posts dated April 19 & 25, the heavy plunge of Dow overnight should not come as a surprise!
Locally, STI loss 59.64 ponts and penetrated an uptrend line as shown. The downside target for violating the trendline is 2,870. After losing about 70 points in two days, STI is oversold and may head for a rebound first before resuming to edge down to 2,870 ( 2 ~ 3 weeks ).
As STI is still trading above 200 days SMA, the long term trend is still up.
I have in my radar today SGX at $8.10, F&N at $4.80, SembCorp at $4.21, IndoAgri at $2.35.... but at the end of the day only managed to get SembCorp! Anyway, this is likely to be meant for a nimble trade in anticipation for rebound.
Labels: Market Direction
posted by Market Wizards @ April 28, 2010
Comments: 0
