Market Bottom Out Now? It's May Not Be The End

The unrest of Middle East spreading further, it was first ignited by Tunisia, then Egypt, then Libya, now turns to Oman... Crude oil price with the jittery market. No signs of immediate improve. They become major factors affect market sentiment currently.

From technical perspective, STI's rebounce last Fri has recovered most of its past three trading day loss closed at 3025. However, it's still below its 200ma 3050. Any buying up will be counter trading for me.

Resistance: 3020, 3050, 3080.

STI Momentum Bottom Up

It will rebound everytime it dip below 60 level. It closed at 63 today.

ARA Going Up steady

ARA assest management resisted this round of correction and breaking out of its congezsted area today, plenty of room to upside.

Straits Times

STI has dropped for more than 200 points or 6.5% since it broke 3180 support. The next major support level is 2940~ 2923 area. It will not be the end of the world, market will rebound.

HSI Retraced to Its Major Support Again

Good Friday everyone.

HSI is approaching to its major support level at 22400 again, another 200 points from yesterday's close. Volume is diminishing which means selling pressure lift. I'm looking for a short term rebounce in coming days.

STI break 2980, next level 2940

STI turns to negative in the afternoon, following HSI's selling off. Bears are still in control now.

Next support level for STI is 2940. A major horizontal support level.

Few Long Candidates

StraittsAsia rebounded fiercely yesterday.

Sunvic

Sunpower Less than 50c, but I like its chart, very clean.

STI Selling Pressure Lift

Good Morning everyone,

Yesterday we saw many counters has hit bottom and rebounded. Currently STI pegged at 3000 important psychological level. It's 50% fibonacci level is 2980, which I'm watching out.

STI

STI break down yesterday, currently approaching 3020 level, which is its resistance turn support level.

I'm still not going to long yet.

Straits Times Index

STI forming a little bearish pennant , a breakdown from it would lead it to 3043(200dma) support, whereas 3120 would be the immediate resistance if it broke upwards.

The Falling Angel

These three stock dropped sharply last week, as hit by bad news. I call them the "falling angel" as they still have potential for a rebounce, it's too early to say they are died, as they are good fundamental company.
But I won't think to long these stocks, as I'm trading for short term only. It's more for those who's looking for bottom fishing.



Midas
Jaya
Tiger

Up Trending Stocks Update(>50c)

Brightwor
CWT
Kepcorp
Sembmar
Pfood
Sinograndnes
Sunvic
Tech oil&gas
ThinkEnv
Sembmar
Chinamingzhong
Supergroup

Stocks at/ near Their Key Support

GoldenAgri

NOL

OCBC

Olam: key support 2.79

SIA
Sembcorp

Wilmar: needs to break above 5.5 to move higher

SAR

CWT Breakout

now CWT at 1.28.

A Quick Note

Market getting slightly better but still not much buying interest come in yet.

ChinaMinZhong had takeoff already, I'd rather prefer don't chase it.

Anyway, there are these two counters showing similar set up for a takeoff:

1. CWT at 1.24 now
2. Sunvic at 77.5c now

F&N

Market recovered a bit, now up 14pts at 3095. Blue chips such as F&N formed bullish reversal candlesticks, target 6.3, support 5.98.

Straits Times Index

STI no strength to climb up, I'm continue monitoring with hand off. STI support update:

1st level:  3058
2nd level: 3045
3rd level: 2797

Bears are In Control

Market is not rebounding as what I expected, bears are in control.

STI support 3030 to watch out.

Banks and other Blue Chips Rebounding

My top pick for banks will be DBS and UOB:

STI and HSI

Since Straits Times follow  Hang Seng very closely as concluded in my previous post, I've done further study on the two charts:

1. HSI currently rebounding from its major resistance turn support level 22437, and formed a double bottom formation, also at its major uptrend line support. All these are bullish reversal signal for HSI.

2. STI looks weaker than HSI currently. As it broke its support 3120 on 10 Feb, which I thought it will provide some support when it dropped to this level, but it didn't. So I'm wondering is it a valid resistance when STI rebounding back to this level. 3180 will be the key resistance level I'm watching out instead.

Major Indices Comparison

Performance Ranks( 52 weeks/from best to worst):

1. S&P 500
2. KLCI
3. HSI and STI( both are very close to each other, means to say STI follow HSI closely)
4. Nikkei
5. Shanghai

You may ask why Shanghai is one of the worst performer among all although China has the world fastest economy growth? because they say in China "most richest buy land, the rich by properties(house), the poor buy property stocks". LOL.

Anyway, I think China stock market will catch up eventually, maybe it's a good time to buy cheap.

StraitsAsia

SAR hit its major uptrend line--since it's rebounce on May 2010 and rebounded a bit on Fri. Good long candidate.

STI Outlook

Good morning everyone. The STI's sharp selling off last week ended STI with loss of 133.85 or 4.2%-- the biggest one week loss since May 2010.

On weekly chart, the major support is 3030, which is the resistance-turn-support level and also its 50 week MA.

On daily chart, 3030 support is STI's 200dma, the immediate resistance is 3120 now. Look at STI in one year time frame, I'm still bullish on STI, the recent drop is just a normal correction. My take.

The Straits Times Index

STI broke its key support level 3120 for the first time since last Oct. Also its 50% fibonacci retracement level. The trend would confirm bearish if it stayed below 3120 in these two days. well, sometimes it's just a spike down..let's see.

STI Support

STI dropped more than 40 points and rebounded a little now with 38 points down still. The support level for STI:

First level 3140, a minor support level, then
3120, a major support,
3180 is the resistance level now.

What's in my head now is what will be the impact on STI tomorrow if US market down, see if DOW dropped over 100 points? err... 3120 is so important to watch now.

Tough Time for Bulls

STI down 30points to 3153 now, mainly attribute to China's interest rate raise announced last night.

The US market was up by 71 points, closed at 12233 points, hit its two and half year high, despite the China factor. STI red flag in most sessions after Chinese New Year...really new year "开门红"? STI much affected by HSI nowadays.

Properties turns to be one of the worst sectors. Commodities following its tails too. As for finance sector, colour tells it all. Check DBS and OCBC below:

Long Candidate

STI hit 3180 support again in the morning -- sixth out of eleven consecutive trading days. Many counters too hit their support and poised for a rebounce.

SGX

 StratisAsia

 F&N

Lottery Play

Qingmei is one of the lottery play counter I posted some time ago(click HERE, it was 27c back then. It closed 34.5c yesterday. It's in a well shaped uptrend now, promising move again after two weeks consolidation.

Cosco

Dear everyone, Happy New Year, Gong Xi Fa Cai!

Cosco is trending upwards nicely since last May, well supported by its 20 and 50dma. I have a faith in it, $3 target this year=)

Happy Rabbit Year

Hello Everyone, Wish you all a good Rabbit Year.

The Bulls' Fighting Back

Upbeat by US market strong rebounded last night. STI's downside pressure has been relieved.

Today's half day trading. Below counters are still in good uptrend shape after the recent correction.

Kepcorp
NOL
COSCO
Sembmar
UMS
Noble
SAR

Happy CNY, Mr. Market

Yesterday's really a sea of red, Mr. market took early "Ang Pao" already, hope today it will give us back. LOL.

STI hit its support and closed at 3179.72, exactly what I predicted in my previous post, which 3180 is identified as major support level to watch. Given US market rebounded last night, I expected STI set up for a rebounce today.

HSI too hit support as what I predict.