Tuesday, March 5, 2013

STI and Golden agri - reversal?

Above is a daily chart of the STI. After yesterday's huge down candle, today we have a doji. This normally signals a reversal in trend, which in this case, would be a reversal of the downtrend since mid february. But a close below the previous low (3235) would signal a continuation of the correction. Above is a daily chart of Golden Agri. Poorer than expected results drove the share price lower. But $0.60 looks like a good support level and an entry for this counter. Resistance is at $0.685.

Friday, March 1, 2013

Still going sideways

Above is a daily chart of the STI. The STI is still going sideways. The focus is back to the US and EU. The recovery is US is gaining traction, with better housing stats and unemployment numbers. EU remains stuck in a recession. Earnings coming in are mixed, and thus for now, the markets are gyrating quite wildly. But major trend is still up, momentum seems to be turning up. Key levels are 3251 support and 3311 resistance for the STI.