Intra-day Update ( 10:00am )
Intra-Day Update ( 10:00 am )
As of 10:00am, STI was downed 41 points. It is very clear by now that last Thursday low was a lower low, not a double bottom. We can now confirm that the STI will revisit 2,520 in the near future. However, we believe this will happen after STI attempt to edge up later the week ( till year end ) to first touch the downtrend resistance at around 2,730. Many stocks are oversold and offer good value for the year end rally ( bear market rally though ).
The major trend remains down, any rally remains bear market rally.
Labels: Market Direction
posted by Market Wizards @ December 19, 2011
