Last week, STI closed with a strong rebound. Would this rebound sustain for the next week?
What to look out for?
Next resistance: 2777, 2886
Many indicators has shown signs of bullish, but classical analysis is still on a downtrend (mid-term).
My views:
I am still on the bullish side for long-term as Singapore's export and our economics fundamentally is doing pretty well. However, our market can be manipulated by the big foreign markets. The euro and korea issues has arise recently which affects our market's volatility and became so unpredictable. We cannot predict what will happen next. Hence, I would trade base on what the chart has shown.
I would expect the rebound to continue as the market is oversold and many indicators are starting to point up and showing a sign of bullishness. Many counters has rebounded off from its classical support and 200MA but many has break their major support as well.
I would choose those that are above major classical support and 200MA to bull and stay short-term and be more caution.
Further upside is still unclear as there are many strong resistance waiting ahead. I would prefer to wait for a high low to form for my next entry.
Post a Comment