Weekly Wrap

STI added 37 points or 1.2% closed at 3017.11, weekly high is 3010.51, almost exactly equal to this year high 3010.86. STI has had three weeks green candles in a row so far, rose 161 points or 5.4% in total.

STI next target is 3190( Yr2010 close) if it can stay above current 3010 level.

US market, three major indexes DJI SPX and nasdaq all buoyant by good jobs data. The major uptrend channel are supported very well.

Shanghai SSE index reclaimed 2000 level, closed at 2061, up 4.1% for the week,
Hongkong HSI index up 0.7% in the week, hit its major downtrend channel at 22380 thereabout. Next target is 23035(Yr2010 close) if it were moved higher.

Firday Indicator

Market is poised to open positive today. STI has been sideways for the past four days. Thus my Friday indicator levels are tight. The immediate resistance for STI is 3088.

61.8%: 3074
50%: 3070
38.2%: 3066

Stocks to Watch

ComfortDelgro
Noble grp
Swiber
Hiap Hoe

 Noble Grp: major support 1.05

Swiber:

Hiap Hoe

What Bugs Us

Fiscal Cliff Left One Month to Solve

Yoma Breakout Play

Yoma +2.5c @ 68.5c (11.07am), Triangle breakout with target @77c.

Weekly Pivot

STI weekly pivot levels for the week start from 3 Dec

R3: 3188
R2: 3135
R1: 3102
PP: 3050
S1: 3017
S2: 2965
S3: 2932

PP level 3050 is the gap bottom support level, R1 is 8 points below this year high 3110.

Weekly/Monthly Wrap

STI hit seven weeks high last week, closed at 3070. The weekly candle looks bullish indicate bulls are in control. We left one month for the year 2012, will we have Santa Clause effect this Dec?

STI formed a daily doji which indicate uncertainty. STI downside support to watch in coming week is the gap between 3048-3062, upside is 3010. Its monthly candlestick looks more bullish rather than bearish.

Major indexex performance for the week and Nov as below.