After hitting a 2012 high of 3086, the STI has been weak over the past 2 days. It closed 3052 today. Support looks to be at 3040 and resistance is at 3086. Momentum is slightly down, but trend is still on the upside.
golden agri saw heavy selling today and the share price fell from the open at 0.725 to a low of 0.690 before closing at 0.700. I am not too sure of the reason for the big drop, but is probably due to rising inventory levels of CPO (crude pail oil) and falling demand. I was rather bullish on this stock since early july but I am not so sure now as the technical picture is not so positive. It has already broken what looks like support at 0.705 to me (the meeting of the moving averages), so it is best to see where is the next support before deciding on jumping into this trade. Initial support looks like 0.690, resistance is at 0.74.
Noble group, on the other hand, seems to have found support at 1.05 and is staging a rebound. It has broken through both the short and medium term moving averages and looks set to head towards the longer term moving average. Resistance is at 1.175, support is at 1.05.
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