STI closed at 2968 yesterday. It has retraced from its high of 3030 to as low as 2956 over past two days. It managed to closed above its weekly pivot S1 at 2964 level, but still below 3000. Today is the last trading day of the week, if STI closed below 3000, then we will have a first down week, after seven consecutive up week.
Some of the stocks retraced to (or near) their support level. The general uptrend is still intact, so I'm looking for bullish reversal signal to get in again. Below are the counters with their respective support level.
CAO 1.2
Cosco 1.18
Olam 2.34 (61.8% fib level, retraced more than 50% already)
Wilmar 5.15-5.0
Sunvic 0.495( 50% fib)
Friday, February 24, 2012
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