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.
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
If it is able to break $1.70 successfully, next targets will be $1.80 & $1.90
Labels: Market Direction, Stock Pick
posted by Market Wizards @ May 17, 2010
Comments: 0
