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3080 broken

September 24, 2010 Leave a comment

@post-market STI is doing really well. Survived the 3080 support. And even added 9 points to 3,092.68 Uptrend continues. Maybe like someone mentioned it can go all the way to 3300?

STI trendline plus horizontal price support broken. Now it is heading towards 3070 region. Better to wait for the day to close as candlestick confirmation. If it’s true, STI might be trading in the sideway fashion or go down to test the 3040 support. Another possible scenario is whipsaw the traders and continue trading into the line. As the line is very steep, it will have to defy the law of gravity to do so. Take a look at this chart.

My friend is very confident that the support will hold. I wouldn’t go against him as he’s been on a roll for past 2 months. I agree that 3040 will be a very important support as it has been tested many times as a resistance.

My worst pick for now is Asiatravel. This stock has been beaten down time and time again without any struggle. Next time I will try to avoid this counter. Thailand contributes a huge percentage of its business and it is no wonder that with the politics instability, the travel industry has taken a big hit.

Noble will be in my shortlist again (sold at 1.90 but heart pain, now very shiok) as the business is finally looking a lot better. Now trading at gap resistance but momentum is pointing down but trend line is holding the stocks at 1.84 low. Looking at doji and histogram to give signal. Good news is that these few down days are all having light volume.

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Watch out for 3080 to hold

September 23, 2010 Leave a comment

STI dropped 12 points today but do not fear as it is due to relatively light volume. No direction to take from as Hang Seng, our big brother, is closed for the day. Look for friday close to be above 3080. By then, the trendline will be broken together with horizontal support. Take some profit off the table if possible. From the Elliot wave pov, we might be hitting wave 5? Pardon my guess as EW is not my specialty.

CCI is turning down showing divergence, our first clue if market is going to turn. Our indicators are getting flat and do watch out if they starts to exit from the oversold region. We have been quite over-extended from the recent run up from 2920. It will be good for the bear to take a break before continuing its uptrend. 3040 is another important support to watch out for.

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STI at gap resistance

September 22, 2010 1 comment

Be aware when the line breaks or more and more bearish candles appear after that. I will be monitoring the 3040 support to see if it holds. Currently the trend is over-extended and hence it will be good to take a break. and build new support before it’s continuation upwards.

sti at gap resistance

sti at gap resistance with indicators getting flat

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Analysis on STI

STI seems to be oversold in most indicators and some even showing divergence. STI is currently resisted at the march top at 3030. The nearest support will be at 2950. A double top formation might be in the making if 2950 can’t be supported. Currently the trend line is also broken meaning I would be exiting half my position if it happens. But luckily a long lower shadow negates some of the negativity most likely due to the 20DMA.

Some insight I found looking at past data is when RSI, Stochastic, MACD histogram and ADX+/- making a divergence, is a good time to lighten up on position. Esp for ADX+/- as once it makes a divergence the next will be a cross with ADX showing the trend has weakened.

2010Aug-Straits Times-800x600

STI chart

p.s: My previous post on time retracement seems to be working missing out by a day or 2. If STI does move down for a correction. The next important date will be 13-14 Dec. So do take note.

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STI at oversold condition

2010Aug-Straits Times-800x800

Potential double top forming

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Fib Time retracement

July 14, 2010 1 comment

Next turning point might be at 2-3 Aug. Will it be really this zhun? It’d be 2 weeks from now. And I will be following closely on this experiment of using date together with price to time my entry.

A reminder just in case. Will it will it not?

STI 123 reversal setup

Breakout out of trend line with first base is considered 1, form a higher low or lower high is count 2 and breakout of support on the downside or upside is 3.

As of now, you can see a lot of traders are looking at 2800 for entry point.

This video might explain better

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