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Tuesday, July 12, 2011

The Panic Plunge

STI dropped more than 60pts intraday today and recovered 20pts to close at 3077. It broke all my prepared support level and hit 61.8% fibonacci at 3062 then bounced back. major support levels:

Support: 3062
Resistance 3100

The general market is bearish, but some bottom swing trades are lucrative, I did catch some bottom fish and expect for a short term quick profit.

The relatively safer "Longs" to consider are:
Straisasia 3.0 support
Wilmar 5.45 support
at

1 comment:

  1. futures-explainedWednesday, July 13, 2011 7:26:00 PM

    Gap down from support @ 3105. If the gap is not filled in the next few days, expecting the start of the next downturn.

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