Straits Times Index=2,166 (Very Near resistance at 2,184...Reduce positions now.....)
In any case, with the STI already up nearly 43% since 10 Mar, with almost 15% coming from the last four sessions, the risk-reward as we had mentioned before has skewed significantly lower; the price action yesterday has also formed a spinning top, suggesting that the market is also getting slightly uncertain around current levels.
As before, our key resistance remains at 2100 and persistently failure to conquer this level could send the index back towards 1947 (previous Apr high), and even 1874 (centre Bollinger Band line).
Beyond 2100, our next key resistance is at 2390 ((38.2% Fibonacci retracement level), although it may face some intermediate hurdle at 2102-2128 (minor gap in Oct '08).
Sponsored Links
No comments:
Post a Comment