STI Update

Goood morning everyone. I just came back Singapore four hours ago in this morning. A enjoyful holiday for me. Hope you all had a great Christmas too.

We have three more days to close book of 2011. Market is still trapped within 2670-2680, the whole market volume is very thin-- 370m for yesterday only( compare to normal 1.1B). Market is quiet ahead of New Year.

Look at chart below, STI is just above 61.8% 2668, it may test 50% at 2714 level in coming days, a pretty much short rebounce is expected but nothing much higher, for now.

Merry Christmas

Merry Xmas to all my dear readers.

The market trading volume is extremely thin these days approaching holiday season. The average trading volume on the whole market is about 450m from the normal 1.1b... Anyway I'm going out of town later for my holiday and will be only update you on 28th Dec again.  See ya.

ChinaAoil

A dimond in the rough? ChinaAoil ( CAO) has broken its long term downtrend line (blue line, see below chart.)

Major support is 97.5c, which is above its 20ma and 50ma as well. The chart looks nice, good entry point will be at 97.5c to 98.5c.

Long candidate: Genting SP

Genting Sp well supported by its 20ma at 1.52 with bullish MACD and increasing volume.
Current price at 1.53, near term target 1.62( gap). Stop loss: 1.48.

STI Outlook

Last night Dow up by 337.3 points to closed at 12103, regain control over 12000. STI has dropped to near 2600 since it broke its uptrend line. It likely to rebound to test the level at 2670-2694 area again in coming days. Christmas rally to come?

Blue chips under my radar for a quick rebounce:

kepcorp

Sembmar

CAO

Goldenagri

NOL

STI Outlook Gloomy

Good morning everyone. Sorry for my inactive in updating my blog last few days. I'm a bit of annoyed by the bearishness of the market. And I can't short it due to the temporary unavailable of CFD trading, the good news is Kim Eng is taking the opportunity to fully revamping the CFD platform and is expected to start brand new in year 2012.

In any case, Christmas is just on the corner and we have two weeks to end the year 2011. Are we going to have a rally towards year end? The odds seem getting slim. So far the market looks still weak, look at the chart below, STI triangle uptrend line has been broken, the 61.8% fib support level 2668 also been broken at the same time. On last Thursday it actually did gap down below this level, and managed to had a rebounce to filled the gap( Friday's high is 2667.38), 2668 support turns to resistance level now. 

For this week, I'm watching 2640 as STI's immediate support closely, once it closed below 2640, more downside shall come.

STI on the Edge of Cliff

Take a look at STI chart below, it's now cycling down to its triangle bottom line, I'm bearish if STI can't CLOSE above 2715( 50% Fib level), more down side if it closed below the triangle bottom line, "last straw" is at 2668( 61.8% fib).

Look at the STI line chart below, I have the below pivotal levels(close price) on my notes:

Immediate resistance: 2695
Support 1: 2640
Support 2: 2528

Long STX OSV

STX OSV appreas to be a nice long candidate, it had a breakout two weeks ago( refer to my 30th Nov post HERE) tested its support( resistance turn support for triangle pattern breakout) 1.145 and rebounded on Friday, a bullish hammer candle at support.

Support: 1.145
Target 1.255
Stop: 1.12