Jul 12 Fri, stock watch
US closed another 169 pts higher last night. HSI and Shanghai rebounded strongly yesterday. Bulls are in charge now.
STI added 60points yesterday to close at 3248 yesterday. The 3 banks was bought up heavily. There are other good news from the US and China that pushed the move, but from TA perspective, when STI closed above Year-End-Close(YEC) 3067, the funds are "pressured" to buy in, otherwise they will be underperform the index.( the opposite if STI below YEC). The more the they buy, the higher index will go, until they feel it's "enough". How to know when they are "enough"? Look at the candles, and the possible Resistance level.
STI 50% fib level at 3265 and 61.8%@ 3312 for the whole move from high to low recent two months. Do watch the 50% level.
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