The advance of the STI is very relentless. We are up again, and has hit or is very close to hitting the multiple tops around 3030. What i see, and probably what everyone can see, is that this is heavy resistance and it is very likely that the STI will retrace before making a decisive push past the 3030 level. Momentum is falling, but longer term trend is up as all the moving averages have turned up.
After closing slightly above major resistance of 0.72 yesterday, Golden Agri powered up today on very high volume to close at 0.76. Support is now at 0.735, resistance is at 0.78
Capitaland is still trapped in a box. Trend is up, support is at 2.90, resistance is at 2.99.
Genting's chart is quite ugly for those looking to go long or are on the long side. It is on a confirmed down trend, with price below all three moving averages and all three moving averages are pointing down. Insiders are obviously selling the stock, and you can see that everytime the price stages a brief rebound, it goes on another leg down. News from the press is that RWS is being investigated for offering rebates to offset the levy charged to Singaporeans. If true, then RWS could be looking at some heavy fines. I also believe that some analysts are not so keen on them bidding for a stake in Echo as the returns may not be so attractive. I do not know the real reason behind the share's weakness, but whatever it is, it is best to stay away from going long until some support is shown.
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