Market Facing Immediate Resistance 2900

Good morning everyone.

Profit-taking taking place after its last week surge up. STI is down 23 point at 2882. STI facing immediate resistance at 2900, support level 2850, then 2790. It offers some "buy on dip" opportunities for the bulls.

As the trend is up, I will focus more on "buying"(long) rather than "selling"(short). I expect STI would continue its run up towards the end of this year.

Will update you soon.

STI Resistance 2900-2935

Coming to last trading day of the week, remember the special Friday indicator? Some of the statistics:
50% is at 2857, and 61.8% is at 2935.

Long Candidates

Good morning everyone. STI went up 77 points to close at 2847 yesteday. I see a lot of room to the upside, a market rally like yesterday is unsual, but it will happen once in a while when most people don't believe it.

Below are my long candidates which just breakout their resistance or ready to fly( possible today?)

with resistance level
DBS: broke resistance 12.33, target 13.8
OCBC: broke resistance 8.4, target 9.12
CWT 1.03
ARA 1.305
Hyflux
Ezra 99.5c
HPH 68c
SIA 11.45
YZJ 96.5c

Bulls are Back

Another 6 minutes to 5pm, STI has soared up to as high as 2862, or nearly 100 points intraday today. currently around 2850 level. 50% market for STI to "go home"( 2010 close) is at 2857 level. We have an inverted Head and Shoulder pattern on STI chart with the neckline is 2780, the target is 3027.

Note the target is in middle to long term. Do not expect it to be achieved very soon. In short term wise, 2857 is the immediate resistance level to watchout, we could see further upside if it cross and stay above this level.

Stocks Set up for More Upside

As STI breaking out its one month high 2789 today( 2805 now), The momentum is obviously bullish. I see many stocks starting to break their major resistance levels and formed a HIGHER HIGH and HIGHER LOW today. It marks a change in the trend, which including STI.


Below are those stocks under my radar which formed HH and HL or crossed both their 20and 50dma:

Genting SP
HL Aisa
Kepcorp
Sembcorp
Sembmar( above 20/50ma)
Cosco(above 20/50ma)
Swiber
CAO(at support 95c now)
Ezra(above 20/50ma)
DBS
Jardine C&C
SIA
Singtel
Citydev
F&N
Capitaland(above 20/50ma)
OUE
Yanlord
CapitaMall
Indoagri
Olam
Noble
FirstRes
GoldenAgri
GLP
ChinaAnimal health
Sunvic
SoundGlobal
Biosensor
Osim

DO NOT chase if the stocks already run up high, do your preparation and wait for a retracement to enter.

STI One Month High 2789

STI is quite close to its one month high at 2789,  I see more upside potential IF it can break and CLOSE above this level. STI has travelled "extent" enough high so far, I'd prefer to buy on dip rather than chase the high--if you have yet to buy. Or you can take this opportunities to take profit on your long positions. On the downside, 2745-2720(gap) will be support level to watch out. 2789 is the key resistance level.

UOL Upside Move With Target 4.5

UOL had its breakout today, support 4.16, target 4.5, a nice long candidate.

Long Candidates

Long candidates under my radar for upside move by sectors"

Oil & Gas Offshore:
ChinaAoil
Sembmar
Cosco
Ezra

Financial/STI component:
SGX
Jardine
Venture
Singtel

Property:
HKland
CapitMall

Commodities:
Noble
wilmar

Market is Set for Upside Move

Good morning everyone, hope you all had a nice weekend. Coming to this week, we have lots of "hopes" for the market to move up.

Dow Jones shows a clear breakout to upside on Friday close. It finally had a move out from its large congested area over past two months time, give us a  rather strong "bottom".

Local benchmark STI was stuck in the range" 2700-2715" area--an inside-bar of Thursday candlestick. Furtherer upside shall be seen if it can break above 2715 resistance.

Short: First Resources

FirstRes has rebounded all the way up to its major resistance at 1.36. A nice shorting candidate with stop loss at 1.375.

Singapore Property Stocks

The properties stock listing in Singapore has generally dropped quite a lot, some are way below their NAV/NTA. You may keep monitoring if you are looking for "value investment". Refer to the table below:

In Selling Mode

Kind of boring day for me...scratching my head on what to write.

STI broke its 2715 support and also closed below 2700 marginally today, down 26points at 2694.

It turned to bearish today, but I don't see aggressive selling come in yet. 2715 becomes its immediate resistance and 2670 become the last defence for bulls tomorrow.

Bye for now.

The Future of Algorithmic Trading

STI Trapped Between 2715-2750

STI formed a inside bar yesterday, it basically was trapped within my set of "boundary" 2715-2750, we only get clear direction when it trades beyond this range. Otherwise, have to be patiently wait..., anyway, 2715 provides a decent support for the time being.

Will update you again.

Steve Jobs

STI Upside Resistance 2750- 2788 today

The US market major indices Dow and SPX are hovering their major resistance at 11500 and 1220 respectively,( they both closed slightly above the resistances), while the technology dominated index Nasdaq  shows stronger uptrend.

As for STI, the current "boundary" is 2715-2750( refer to my previous post), a break above 2750 could lead to the next resistance area at 2750-2788, which is the gap when STI fell down yesterday.

As for the long candidate, Hkland US$ is holding well at its support level 4.7, with target 5.07 and 5.2( refer to my post on 17th Oct http://www.sgtraderclub.com/2011/10/hkland-us.html)

and SIA Engg formed a hammer candlestick reversal yesterday.

Will update you again.

STI First Support is Still Hold

US market is up to positive region as I'm writing now, up 65 points from negative about 100 points in the opening. Market is choppy at this time, Dow's first support level 11,300 has been holding well, SPX first support 1193 has been holding well so far, STI's first support 2705-2715 has been holding well today. In fact it's trapped in between the range 2715-2750, will my shorts become "one day show" only? I will watch the level 2715-2750 level for market direction tomorrow.( In fact is today, it's passed midnight already).

Just one more check STI status by now, it got "one leg" to upside as we are waiting for a higher low now. Thus it's still a rebounce in downtrend.( though the first downtrend line was already broken). I'm going to sleep well and let the US market tell me tomorrow morning.

The Vunlerable Shorts(2)

GLP

NOBLE

OCBC

UOL

The Vunlerable Shorts(1)

SIA Engg has no strength to rebound at all in the recently market run-up. My first shorting candidate with target 3.45( recent low).

Citydev approaching its major downtrend line, I'm waiting for a bearish reversal candlestick to confirm my short, otherwise it could break to upside. The weakness is evident by the diminishing volume with upside run.

HKland US$

Hkland is one of my favorite long candidates, it had break out from its double bottom formation on 7th Oct, went up tested its resistance first time at 5.07, retraced back to its support level on Friday( Friday low is 4.66, double bottom neckline at 4.65), today it opened at 4.77 and now 4.95, my first target is 5.07, and 2nd target is 5.2.

Weekly Wrap and Broad Market

Uncle Dow closed at 11644, up by 166 points on Friday trading--its highest CLOSE over the past two months. It's now standing above its benchmark leve, last year close 11570.

The fear factor VIX has cracked its support level and dropped below 30 on the same day, which indicate market bullishness. I see further upside other than downside in coming weeks.

STI effective support is at 2700-2715, and the resistance area is 2790-2800 in coming week. STI may had a side way consolidation or retacement before it take off to up again.

Will update you more long candidates.

Long Candidate: NOL

I'm not a so "interest" to trade NOL,but it shows a kind of bottom out formation.It had a nice consolidation over the past two month, appears to me the bulls is coming back to it. First target is 1.22.

Market Looks Bullish Still

It's Friday today, and we have special Friday indicator. the 50% market is at 2700 for this week, confluence with our classic support level. I'm bullish as long STI close above 2700 for this week. STI is resisted at 2750 resistance level right now.

Dow Index closed at 11478 last night, 100 points away to its benchmark level 11577( last year close). Still remember the "tug-of-war" indicator?

Many blues chip under my radar are currently facing their resistance level, I'm waiting sideline now. PATIENCE is the key...

Will update you again.

Market Bottom Out?

US market continued its rebounce last night with 102 points up to closed at 11518--it's one month high, Dow has rallied for more than 1000 points over past seven trading days. What a strong rebounce. The western markets showing "signs of bottoming", the shanghai market had a marvellous bullish reversal daily candlestick pattern yesterday, after I "complained" it in the previous post. As for now, I have "no choice" but switch to "long" instead of short. And do remember market is always fluctuating, do not chase if it already run up high, buy on pull back, when it forms a higher low.

STI broke its immediate term downtrend line yesterday, had its "one leg" to upside now. If it had a pull back higher low than rebound upside again. Its 2nd leg would consider get in, we will see....

Will update you again.

STI at 61.8% Fibo Long Term Support

In the longer time frame( from Mar 2009 low to Dec 2010 high), i.e the rebounce after 2008 financial crisis. STI has retraced down to 61.8% fibonacci retracement level at 2600(support) last week, and rebounded upside. the 50% fib support at 2382 is the key support area.

So in longer time frame, STI is still in a healthy uptrend retracement mode. It reminds me do NOT get too bearish. To the upside I'm watching 2730 as resistance, and 2600 to the downside as support.

The Broad Market Indices

STI yesterday went into its previous resistance area at 2705-2730 and unable to break it. It's undecided at this point of time, but STI has to go up above 2705-2730 to save the bulls. Otherwise my bias is to downside as the TREND is still DOWN.

The US market is relatively stabilised and more "bullish", and the Europe market also rebounded strongly after the good news from EU banks rescue plan. As a comparison, the Hangseng Index and Shanghai index no strength at all to rebound, I'm really wondering where the "Real Crisis" is.

Dow's major resistance level is at 11500 thereabouts, if it break above this level, market is going to rebound strongly. Dow closed at 11416 last night, 100 points away.

Citydev Hit Major Resistance

Citydev appears as a nice shorting candidate(real time chart below):

The Shorts and Longs

The shorting candidates:
Wilamr: major resistance at 5.0

F&N: major resistance 5.65-5.7

Long candidate:

NOL just breaking out to upside from its consolidation area, resistance is 1.15, target 1.22

STI Poised for a Rebounce

Uncle Dow closed up 330points or almost 3% last night, definitely a breat relief for bulls.

STI resistance I'm watching at: 2700-2750.

FnN will be my long candidate.(update: It gapped up at Open, no long, now 5.63)

Will update you again.

Straits Times

Good morning everyone.

There are some good news from the EUR, with Dow futures up by 95 points now( 8.45am). A quick go through the broad market before market open:

STI mode: DOWNTREND, my target is still 2400 if STI can't break above 2700 resistance level.
but with a pretty long enough tail on STI weekly chart, I try not to be too bearish. The benchmark level I'm watching at is 2700.

STI Daily chart:

STI weekly Chart:

will update you again. Trade with care.

STI Gap 2645-2660 Filled

STI filled its gap resistance at 2645-2660 just now, highest price of the day is 2662.04 as I'm writing now( 1220pm). I'm taking profit off the table. For a peaceful weekend...

Wilmar will be a good candidate to short again if it rebounded back to 5.

Update you again.

STI Resistance 2645-2660

STI rebounded strongly yesterday, up by 74 points to closed at 2603, right inside my planned resistance area 2590-2610(see my previous post). The next gap resistance is at 2645-2660 if it can break and stay above 2610 today. My key support level will be at 2583, it may continue rebound if STI managed stay above this level today( Remember today is Friday, we have a special Friday indicator for those of you who attended the monthly gathering.)

Not forget the general trend is still DOWN, I'd prefer to short if it rebounded very high. Do watch out for the major resistance level for individual stocks.

Be Careful of Your Thoughts

STI Resistance to Watch Out

As STI is set for a rebounce following Dow's up by 130 points last night, I'm looking at the first resistance level for STI at 2590-2610(gap) today.

Possible long candidates for a quick rebounce:

Kepcorp
Osim
Sakari
kepland
Sembcorp

Over of Apple Era

STI Set for a Rebounce

Following US market up by 153 points last night, its major support level at 10800 lost and recovered in last hour of its trading. Nothing has changed the general trend--down, but stocks may rebound for few days as most of the stocks are greatly depressed and oversold. (quote from reports: after the market close yesterday, 10% of the index constituents are above their 20D MA (vs 13% on Monday), and 37% of the shares are technically "oversold" vs 10%. )

I'm focusing on blue chips for a quick rebounce:

Cosco: bullish divergence in sight, target is 20ma at 98.5c

kepcorp
HKLand
Sembcorp

A New Wave of Sell-off

STI dropped 90.38 or 3.45% to closed at 2531.02 today. What a drop.  In fact it just broke out from its consolidation area 2700-2800 and I see a new wave of down turn just started. Next target for STI is 2434 level.

Among the three shorting candidates I prepared early morning(previous post), I shorted F&N and Wilmar when they did break out.

Wilmar had fall-out from its major support in late afternoon trading. It's over for bulls. further drop is expected.

However, just a caution to bears, as my momentum indicator tells me market is going into the extreme level now, which it's possible for it to have a technical rebounce.

The banks was hit badly today. With current Europe crisis is not going be solved soon, I don't see a bottom in near future. Market could drive down further...

New Batch of Possible Shorting Candidates

STI fell-out from its consolidation range, and getting lower and lower now.  I do expect further downside to come.

Wilmar in the range of 5-5.3 for long time, breaking out from the range will initiate new move.

How long time can F&N stand steady? I'm waiting for it to break out its triangle formation.

Last one the hopeless NOL....

Gold

Here is the Gold update ( previous update here: http://www.sgtraderclub.com/2011/08/choice-of-etf.html)Gold ETF( GLD 10US$) listed in Singapore currently trading at 158.9 USD, dropped 10c today.

The major support is at 150.8, major trend is up, I still consider the current huge drop from nearly 200 till now as a retracement in a uptrend as long as the uptrend channel in tact.

STI Set to Open Lower

08.53am

DJI future -31,
Nikkei -120

STI will open gap lower, 2650 is the immediate support, a close below 2650 could lead STI go lower further.

Will update you again.