Market Facing Immediate Resistance 2900

Good morning everyone.

Profit-taking taking place after its last week surge up. STI is down 23 point at 2882. STI facing immediate resistance at 2900, support level 2850, then 2790. It offers some "buy on dip" opportunities for the bulls.

As the trend is up, I will focus more on "buying"(long) rather than "selling"(short). I expect STI would continue its run up towards the end of this year.

Will update you soon.

STI Resistance 2900-2935

Coming to last trading day of the week, remember the special Friday indicator? Some of the statistics:
50% is at 2857, and 61.8% is at 2935.

Long Candidates

Good morning everyone. STI went up 77 points to close at 2847 yesteday. I see a lot of room to the upside, a market rally like yesterday is unsual, but it will happen once in a while when most people don't believe it.

Below are my long candidates which just breakout their resistance or ready to fly( possible today?)

with resistance level
DBS: broke resistance 12.33, target 13.8
OCBC: broke resistance 8.4, target 9.12
CWT 1.03
ARA 1.305
Hyflux
Ezra 99.5c
HPH 68c
SIA 11.45
YZJ 96.5c

Bulls are Back

Another 6 minutes to 5pm, STI has soared up to as high as 2862, or nearly 100 points intraday today. currently around 2850 level. 50% market for STI to "go home"( 2010 close) is at 2857 level. We have an inverted Head and Shoulder pattern on STI chart with the neckline is 2780, the target is 3027.

Note the target is in middle to long term. Do not expect it to be achieved very soon. In short term wise, 2857 is the immediate resistance level to watchout, we could see further upside if it cross and stay above this level.

Stocks Set up for More Upside

As STI breaking out its one month high 2789 today( 2805 now), The momentum is obviously bullish. I see many stocks starting to break their major resistance levels and formed a HIGHER HIGH and HIGHER LOW today. It marks a change in the trend, which including STI.


Below are those stocks under my radar which formed HH and HL or crossed both their 20and 50dma:

Genting SP
HL Aisa
Kepcorp
Sembcorp
Sembmar( above 20/50ma)
Cosco(above 20/50ma)
Swiber
CAO(at support 95c now)
Ezra(above 20/50ma)
DBS
Jardine C&C
SIA
Singtel
Citydev
F&N
Capitaland(above 20/50ma)
OUE
Yanlord
CapitaMall
Indoagri
Olam
Noble
FirstRes
GoldenAgri
GLP
ChinaAnimal health
Sunvic
SoundGlobal
Biosensor
Osim

DO NOT chase if the stocks already run up high, do your preparation and wait for a retracement to enter.

STI One Month High 2789

STI is quite close to its one month high at 2789,  I see more upside potential IF it can break and CLOSE above this level. STI has travelled "extent" enough high so far, I'd prefer to buy on dip rather than chase the high--if you have yet to buy. Or you can take this opportunities to take profit on your long positions. On the downside, 2745-2720(gap) will be support level to watch out. 2789 is the key resistance level.

UOL Upside Move With Target 4.5

UOL had its breakout today, support 4.16, target 4.5, a nice long candidate.

Long Candidates

Long candidates under my radar for upside move by sectors"

Oil & Gas Offshore:
ChinaAoil
Sembmar
Cosco
Ezra

Financial/STI component:
SGX
Jardine
Venture
Singtel

Property:
HKland
CapitMall

Commodities:
Noble
wilmar