Market Rebounded
The market has finally rebounded, two days later than I have expected.
1st resistance : 2,900 ~ 2,906 (Fibo 50%)
2nd resistance : 2,937 ( Fibo 61.8% ) ~ 2,940
3rd resistance : 2,984 ( last significant high )
Key support : 2.820
If the index u-turn in between 2,940 ~ 2,984, we need to worry on whether a head & shoulder chart pattern is in the making ( although the volume so far does not advocate this ).
1st resistance : 2,900 ~ 2,906 (Fibo 50%)
2nd resistance : 2,937 ( Fibo 61.8% ) ~ 2,940
3rd resistance : 2,984 ( last significant high )
Key support : 2.820
If the index u-turn in between 2,940 ~ 2,984, we need to worry on whether a head & shoulder chart pattern is in the making ( although the volume so far does not advocate this ).
IndoAgri
An important uptrend line was breached following a double top chart pattern formation. Potential downside target is $1.90.
Genting :
Three obstacles to conquer before propelling further:
1. The downtrend line ( diagonal line )
2. Resistance at $0.98
3. 200 SMA confluence by support turned resistance at $1.05
Once 200 SMA is overcome, the counter will turn bullish.
Labels: Market Direction, Stock Pick
posted by Market Wizards @ May 10, 2010
Comments: 0
