Long weekend for most of us. Significant 'happening' for the STI - today the STI closed above its recent high of 3220; it closed at 3240. Looks like we will see a Christmas rally this year. My near term target for the STI: 3240 + (3220-3120(recent swing low)) = 3320. I suspect the STI may hit 3400 by Dec 2010.
The other counter that also 'brokeout' is COSCO. It announced spectacular results yesterday:
3Q10 results
Cosco reported 3Q10 revenue of S$952.7m (+27% y-y) and net profit of S$55.1m (+147% y-y). The strong performance was due to higher revenue from ship building and offshore marine engineering projects as well as dry bulk shipping.
As a result, it brokeout from its previous high of $1.98 to close at $1.99 today. My near term target is $1.98 + (1.98-1.81) = $2.15.
Longer term indicators (its 50 and 200 day moving average) show that counter is in a strong uptrend.
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