Market Diary:
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Monday, May 17, 2010

Replica Pattern !

Straits Times Index

Based on STI alone, it is very difficult to determine when is the market bottom because STI does not call for the shot but Dow does !

With that in mind, the price action on May 14 & 17 resemble May 5 & 6 ( circled ). If history does repeat itself, we may see a technical rebound. If that happen, 2,812 may mark as "Higher Low". Then all we need is a "Higher High" ( >2,900 ) to be out of the wood.

Conversely, if prices edge lower and revisit 2,812, 2,775 and then break the gold color trendline ( and 200 SMA )… then we will be looking at 2,500.

So next few days will be quite crucial.

SC Global
If it is able to break $1.70 successfully, next targets will be $1.80 & $1.90

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