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.
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.
No comments:
Post a Comment