Here's a look at the STI. It hit a top of about 3040 four days ago and went down hard for 2 days, and is going sideways for the past 2 days. That looks good. Support looks to be around 2970 (the 38.2% Fibonacci retracement) and MAJOR resistance is 3040. Momentum is down, but i think if the STI is able to close above 3000 points tomorrow, we should be headed higher towards 3040 and retest the high!! It seems rather interesting how the bad news about the Eurozone crises is released just when the STI hit heavy resistance of about 3030.
Commodity stocks have been taking a beating over the past few days. Golden Agri has fallen for four consecutive days. Support is around 0.715 (the 23.6% fibonacci retracement level), 0.710 (the previous pivot high) and 0.705 (the medium and longer term moving averages). Resistance is 0.78 (the most recent high). Momentum is falling, but price should be supported by the moving averages.
The price action for Noble Group has gotten rather ugly. It broke previous support of 1.08 about 6 days ago and two days ago broke major support of 1.05. The next support is mostly likely to be a psychological 1.00 level. The major trend for this stock remains down.
Genting remains a favourite counter for many looking for a bargain. But its price action is extremely weak. It has broken through a major support level at 1.305 and it looks like it is headed to 1.20. Major trend is down.
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