Straits Times Index - Shooting Star in Monthly Chart
The Straits Times Index closed the month with a shooting star candlestick in the monthly chart. Shooting star in a rising trend signals an impending bearish reversal. However, this is not infallible and thus there is no rush to liquidate any old long. For traders who intend to buy on dip or investors to open any new long, be sure you know what you are doing amidst such bearish signal in the monthly chart ( as well as those observed in the weekly chart per last post ).
F&N :
F&N broke a significant uptrend line in the daily chart. In the monthly chart, a candlestick with long tail was observed. Prices may dip to $5.35, which is a support level confluence with the target for trendline violation.
STI Components Stocks
A quick glance** at the 30 components stocks of STI shown 14 of them closed with a shooting star in the monthly chart and 4 of them currently in Parabolic SAR sell phase. The most bullish ones are OCBC and Semp Corp.
** I really meant quick, just scan for shooting star and Parabolic SAR without looking at trendline, support/resistance...etc.
A quick glance** at the 30 components stocks of STI shown 14 of them closed with a shooting star in the monthly chart and 4 of them currently in Parabolic SAR sell phase. The most bullish ones are OCBC and Semp Corp.
** I really meant quick, just scan for shooting star and Parabolic SAR without looking at trendline, support/resistance...etc.
Labels: Market Direction, Stock Pick
posted by Market Wizards @ November 30, 2010
Comments: 0
