a look at the STI, Golden Agri and Noble Group

Hi, just an update on the overall market and on Noble group and Golden Agri. Above is an end of the day, daily chart of the STI. It performed very strongly today, breaking through the 78.6% fibonacci retractment to end just below the 55d moving average. I strongly believe that momentum for the STI is to the upside. The next few resistance levels are at 2862 and 2875, but i think the key resistance level would be at 2900; the place of the previous major pivot. The earlier 2 resistance levels are the previous high and the 144d moving average. Support is at 2800.

Above is a daily chart of the STI. It continues to be rather weak, with support at $1.05 still pretty strong, but it appears to be unable to even clear the 21d moving average line.

Golden agri, on the other hand broke through its 21day moving average quite convincingly on the back of a strong showing yesterday. Next two resistances are at 0.67 and 0.69. Support is at 0.610.

a look at the STI, NOBLE GROUP and Golden Agri

After a breakout to a high of 2860, the STI retreated to hit interim lows of 2800 and has been trending sideways within a range of 2826 and 2800. A break above 2826 means a resumption of the uptrend and a break below 2800 would mean a continuation of the major downtrend. Above is a daily chart of NOBLE GROUP. Its behaviour is similar to the STI. It hit resistance of the 55day moving average and even fallen below the 21 day EMA. Its price action is a bit weak, but support at 1.10 and 1.05 is quite strong. Above is an end-of-day chart of Golden Agri. Again the same price action; after rebounding from a low of about 0.59, it hit a recent high of 0.67 and has corrected somewhat. But today's candle seemed rather suggestive of a reversal as it is a strong bullish engulfing pattern. Upside target is 0.67 (at the 55day moving average line) and 0.69 (at the 144day moving average line). Support is at 0.59.

A look at STI and some commodity stocks

Here is a look at the STI chart. The market has been going up for almost the whole of Jun, but it seems that all people are focusing on is the problems in EURO zone. How strange. Momentum is up, short term moving average is definitely up, medium term and longer term moving averages are starting to turn up. Today's price pattern is what is known as an inside bar, where today's high is lower than the yesterday's high and today's low is higher than yesterday's low. If the STI manages to break out of yesterday's high, it will normally continue going upwards rather significantly. And since yesterday's high also coincided with resistance of the 55day moving average, i expect the STI to explode upwards upon breaking up of this resistance. Initial resistance is at 2850, with the next one at 2880 below the 155day moving average. If these two levels are taken out, the next significant resistance would be the previous support at about 2945. Support for now is at 2820 and 2770 Below are some charts of commodity stocks. They are all showing signs of reversal to the uptrend, and a good strategy would be to buy on dips. Support levels are at their respective fibonacci levels.

End of day look at STI

Good evening, after news that the pro-austerity party in Greece won, the STI opened higher, slammed into the 55day moving average, and retraced to close above the 50% fibonacci level. The technical picture looks quite positive. Momentum is rising, immediate support level is 2820, next support level is 2767. Immediate resistance is 2850, next would be about 2875. I know that the news out there is pretty grim, but this does not look like the stock market anticipates any economic shock.

A look at the STI

The STI performed very strongly today to close at 2811. Most people seem to be fixated on the outcome of the Greece elections, but i believe the rally today is due to stimulus measures undertaken by UK and probably expectations of similar actions in USA as well. For now, the picture of the STI is getting better. Momentum continues to be up, short term and medium moving averages have turned up. Immediate resistance is now at 2820 (the 50% fibonnacci retracement level) and the next resistance is expected to be at about 2850 (at the 55day moving average). Support at 2767 is pretty strong.

a look at STI and NOBLE Group

Based on what one reads in the papers, Euro zone appears to be imploding. But looking at the STI, the chart does not look all that bad. We had a strong rebound to about 2800, which is just above the 21dsy moving average before retracing back to previous support at about 2767. This support appears to be holding well. Near term resistance is 2800, next level of resistance is about 2850. Near term support is 2767, next support is at about 2700. Momentum is turning up. Above chart is an end-of-day chart of NOBLE Group. It appears to have found support at $1.05 and now appears to be looking to test support at $1.14 after hitting resistance at $1.175. Next resistance is at $1.23. Momentum is slowly turning up.

look at STI and Noble group

Above is the daily chart of the STI. The STI opened very strongly today and closed strongly as well. Momentum has started to turn to the upside. It has also broken through the previous support of 2767. Near term resistance is around 2820, immediate support is at 2760. Above is a daily chart of Noble Group. It has hit near term resistance of about 1.15, but short term momentum is still up and the upside target is 1.23. Strong support is at 1.05.

End of day look at the STI

Above is a daily chart of the STI. I am not sure what to make of today's price action. It opened up, rallied a little, then sold off into the close. We did close higher than yesterday's close, but still, the price action is weak. Major trends are down and momentum is down. Near term support appears to be 2700. with resistance at 2770. I really wonder how this crisis will be resolved. The solution appears to be political and would entail a major shift in the thinking of people in the EU, a major realignment of the views of people of differing cultures.

End of day look at STI, COSCO and NOBLE GROUP

A bad start to the week. The STI promptly dropped about 40points at the open and closed below 2700. No chance for a graceful exit. At this rate, the STI could easily go to 2600 points Above is a chart of COSCO. It did quite a strong turn-around last week, hit the 50-day MOVING AVERAGE, then retraced to the 78.6% fibonnacci level. So far the drops have been on relatively low volume, so the reversal may have some legs in them. Resistance is at $1.02, support is at $0.865. Noble group attempted a rebound early last week, but succumbed to selling along with the general market. It bounced off support of $1.05 and closed at $1.065. So far, the declines have been on low volume, so it is not that alarming. Medium and longer term trends are down, short term momentum is up. Support is at $1.05, resistance is at $1.14.

End of day look at the STI

There seems to be no end to bad news. And the whatever positive news we had only helped to stop the index from falling further. I attach the weekly chart of the STI. The selling that started in May shows no signs of abating. The 2767 level is well and truly busted. It looks like we are heading towards the 2700 level.