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Monday, November 30, 2009

What Shall We Do After Dubai World Crisis?

I Never be so impressive with a public holiday like last Friday, why? All markets dropped panically right after Dubai World crisis announced but not STI -- we are closed for holiday! What a blessed day.

Okie, the situation seems contained and not that as bad as we could think, at least by now. I'm a chart person, I only trust the chart. What does the chart telling me? Again, it's too early to conclude market will be back to bear from now. The uptrend is still intact. I'd rather prefer to treat it as a retracement or correction in a uptrend, for any drop, and watching the support levels, I'll change my view unless the trend change, i.e. support levels broken and we got a lower high and lower low.

Today is the last day of the month, it's important to see how STI close for today. so far it's a bullish candle on monthly chart. 2700 is the major support level I'm watching. On weekly chart, last week was a shooting star which indicate a possible retracement coming. Again, The uptrend is still intact.

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