The uptrend for the STI seems to have resumed, but i suppose news from Europe was not so good, and hence the sell down. i think the new support level is 3000, and resistance remains at 3040.
Commodities is looking less and less attractive by the day. Here is a daily chart of Golden agri. It has been coming down for the past 5 days with no sign of a reversal yet. Support looks to be at 0.700, where the mid and long term moving averages are. Short term resistance is 0.73.
With commodities losing favour, where is the money going to? Once sector looks to be property development. Above is a daily chart of Capitaland. It has been going up for the past 3 days and is testing resistance at $3.00 again. Look to go long once it breaks out of $3.00 with an initial target of $3.155
No comments:
Post a Comment