US Won't Import Oil Anymore?

The Two Different Buys

1. Breakout play: CWT, trade on strong bullish momentum

2. Buy at support: FirstRes dropped to its multi-months major support 1.9

STI Immediate Support 3190-3167

STI has been in retracement mode for the past two days, as hit by lastest property colling measure, it's down 17points at 3189(4.45pm) now. STI immediate support level is 3190-3167, 3167 is last year closing level. The major uptrend is intact, MACD showing a bit weakness indicating the bulls are losing steam...

Stocks to Watch

Pivot levels for the week start from 14th Jan:

R3: 3276
R2: 3257
R1: 3237
PP: 3218
S1: 3197
S2: 3178
S3: 3158

Stocks watch for upside:
Civmec
CSE
Rotary
SATS
ST Eng
Sinograndness
Q&M
GLP
Mewah

Weekly Wrap

2nd week 2013, the three major indexes in Asia are in red, while the US are in green. The downs and ups all are not much, in a sideway consolidation mode. Major uptrend are intact for all markets. Asian market a little bit profit taking after previous gain, overall the bulls are in well control.

For Singapore market, the S-chips are still in focus, any retracement will provide long entry opportunities. The government's latest move on cooling off the property market which took effect yesterday 12th Jan should be positive for the stock market (well, except property sector), the question jumped out of my mind is: if investors give up to buy houses, where will they invest their money?

Friday Indicator

STI This week in sideway consolidation mode, it tested 3235 twice but failed to break above it,
61.8% @3222
50% @3218
38.2% @3213

The bias is to downside but 38.2% is still holding right now, STI is sitting at 3213 (2.16pm), Will be bullish if it above 50%, and bearish if below it.

Breakout Play: ChinaMinzhong

Chinaminzhong breakout after 12 weeks consolidation. More upside expected. at 88.5c 10am. Target 97.5c.

STI in Profit Taking Mode

STI closed 12points down at 3205 today. It has had a seven weeks consecutive run-up or 280 points gain without any retracement yet. Time for profit taking? Possible.

The banks and singtel were selling off heavily today. DBS and UOB broken down their trading range and OCBC dropped to its range bottom today, Singtel broke down its trading range as well. They will add more downside pressure to the index.



The immediate support levels to watch are:

Weekly S1: 3197, today's at 3198.38,
Weekly S2: 3169, which is also STI 20MA.