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Thursday, February 2, 2012

Market Update

This morning, I almost thought that the STI will overcome the 200 days moving average but unfortunately not.  2,910 is like a water level where STI has been treading the water. Occasionally, it pokes its head up but not for long before it is being forced below the water again. 

A "failure swing" on the RSI has developed. This is a sign of weakness and may lead to some points loss in the near future.

NOL hits $1.46 during intra-day and closed at $1.45.  Parabolic SAR buy phase in the monthly chart has been triggered. A lot more upside can be expected over the mid to long term.  The counter is currently quite overbought where profit taking may occur - a good chance for those who missed the move to buy on dip.

UMS - A "failure swing" has formed. Wait for pull back to $0.43 to re-enter.

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