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Monday, October 31, 2011

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.

3 comments:

Anonymous said...

FJ, can do an analysis on why you think the market will rally till end of the year?

Butter

Anonymous said...

yes, some are saying that the next leg down would be sharp. Why do you think the next rally would continue till Dec 2011?
Thanks

SgTrader said...

As you probably know, trading is always about probability, with recently run up, my bias is to upside purely based on TA perspective, will I change my view? Yes, of course. I'd rather wait for mkt tell me which way it goes, rather than "hear someone said"..kind of opinion.