Market Updates
The STI closed with an inverted hammer today while Stochastic is overbought. This may signal the end of the New Year rally.
NOL did attempt to breakout on Wednesday but it was not able to hold on to the initial gain. In other word, it was a false breakout or a bull trap. However, the counter is currently in the bullish phase of my mechanical chart ( see below ). So it is too early to rule out that the buy signal was wrong.
SembCorp has weakened as expected upon touching the downtrend line. The short call was valid.
Biosensor has been trending up very strongly but today closed with a long tail and RSI bearish divergence. Some pull back is expected, a good entry will be $1.2 ~ $1.4 ( to be assessed as market unfold, see note below ).
Note : Do note that the market is very dynamic whereas the posts made here are static. It is impossible to attain 100% accuracy as I am not a fortune teller. Anyone reading this blog is expected to pay attention to the market action the next day(s) and decide what to filter....
Labels: Market Direction, Stock Pick
posted by Market Wizards @ January 05, 2012
Comments: 0
