Here is an end of day daily chart of the STI. The STI broke 3020 support during the day before climbing back to close within the sideways channel. The STI is still very much undecided. In the shorter term, the downside risk is greater as the STI has broken below both the short term and medium term moving averages. A close below 3020 would mean a likely test of 3000 points and 2990 points of the longer term moving average.
shares in Noble group sold off hard today after news broke that the consortium of NOBLE and POSCO walked away from its bid to take over the iron ore and steel producer, ARRIUM. Today's price action is extremely negative and it is sitting right at the previous low of 1.265 and slightly above the 144day moving average. Failure to hold the level around 1.25 could mean a drop to around the 1.22 level.
Golden agri continues to face selling pressure. Today's price action looks like a candlestick hammer - a reversal pattern, but i would like to see a close above 0.62 tomorrow for confirmation of a reversal.
Genting SP has been consolidating since 10 october and it looks like a breakout to the upside today with high volume. There is a good chance of it retesting the previous high of 1.42.
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