End of day look at STI

Good evening, after news that the pro-austerity party in Greece won, the STI opened higher, slammed into the 55day moving average, and retraced to close above the 50% fibonacci level. The technical picture looks quite positive. Momentum is rising, immediate support level is 2820, next support level is 2767. Immediate resistance is 2850, next would be about 2875. I know that the news out there is pretty grim, but this does not look like the stock market anticipates any economic shock.

A look at the STI

The STI performed very strongly today to close at 2811. Most people seem to be fixated on the outcome of the Greece elections, but i believe the rally today is due to stimulus measures undertaken by UK and probably expectations of similar actions in USA as well. For now, the picture of the STI is getting better. Momentum continues to be up, short term and medium moving averages have turned up. Immediate resistance is now at 2820 (the 50% fibonnacci retracement level) and the next resistance is expected to be at about 2850 (at the 55day moving average). Support at 2767 is pretty strong.

a look at STI and NOBLE Group

Based on what one reads in the papers, Euro zone appears to be imploding. But looking at the STI, the chart does not look all that bad. We had a strong rebound to about 2800, which is just above the 21dsy moving average before retracing back to previous support at about 2767. This support appears to be holding well. Near term resistance is 2800, next level of resistance is about 2850. Near term support is 2767, next support is at about 2700. Momentum is turning up. Above chart is an end-of-day chart of NOBLE Group. It appears to have found support at $1.05 and now appears to be looking to test support at $1.14 after hitting resistance at $1.175. Next resistance is at $1.23. Momentum is slowly turning up.

look at STI and Noble group

Above is the daily chart of the STI. The STI opened very strongly today and closed strongly as well. Momentum has started to turn to the upside. It has also broken through the previous support of 2767. Near term resistance is around 2820, immediate support is at 2760. Above is a daily chart of Noble Group. It has hit near term resistance of about 1.15, but short term momentum is still up and the upside target is 1.23. Strong support is at 1.05.

End of day look at the STI

Above is a daily chart of the STI. I am not sure what to make of today's price action. It opened up, rallied a little, then sold off into the close. We did close higher than yesterday's close, but still, the price action is weak. Major trends are down and momentum is down. Near term support appears to be 2700. with resistance at 2770. I really wonder how this crisis will be resolved. The solution appears to be political and would entail a major shift in the thinking of people in the EU, a major realignment of the views of people of differing cultures.

End of day look at STI, COSCO and NOBLE GROUP

A bad start to the week. The STI promptly dropped about 40points at the open and closed below 2700. No chance for a graceful exit. At this rate, the STI could easily go to 2600 points Above is a chart of COSCO. It did quite a strong turn-around last week, hit the 50-day MOVING AVERAGE, then retraced to the 78.6% fibonnacci level. So far the drops have been on relatively low volume, so the reversal may have some legs in them. Resistance is at $1.02, support is at $0.865. Noble group attempted a rebound early last week, but succumbed to selling along with the general market. It bounced off support of $1.05 and closed at $1.065. So far, the declines have been on low volume, so it is not that alarming. Medium and longer term trends are down, short term momentum is up. Support is at $1.05, resistance is at $1.14.

End of day look at the STI

There seems to be no end to bad news. And the whatever positive news we had only helped to stop the index from falling further. I attach the weekly chart of the STI. The selling that started in May shows no signs of abating. The 2767 level is well and truly busted. It looks like we are heading towards the 2700 level.