10 Jan 2010
STI is getting near resistance 2970, Fibo 61.8% resistance. Furthermore, volume is decreasing in the monthly chart. Does it mean that price get higher, institutional investors are less participate and retail investors are getting more active?
Next, we go into detail on the daily chart.
STI is showing bearish divergence, MACD showing 4R1G and Candlestick is showing bearish signal. Regional markets like HangSang are also showing signs of bearishness. Therefore, there might be a short-term retracement coming near (take caution). One might consider to take profit on their opened position. (Disclaimer)
However, STI is still in a very strong and healthy up trend. My plan to this is to wait for STI to retrace to it's support level and look for potential stocks to go long that are near support level.
I will update on a list of potential stock picks for my long term investment after the completion of my analysis in different sectors. Stay tune!
Post a Comment