A look a STI and Noble Group

Above is a daily chart of the STI. Today is another bullish day, with the market cheering news of a high chance of a China stimulus. Commodity related stocks rallied on anticipation of a surge in demand from China. The STI closed above 2800 points. Momentum is on the uptrend, support looks pretty strong at 2767, with resistance at probably around the next fibonnacci retracement level of about 2870.

Above is a daily chart of NOBLE GROUP. The chart pattern looks similar to that of the STI, with support at about $1.05. Today was an up day on high volume, so it looks likely that the push upwards will continue. My upside target for NOBLE group is about $1.23.

A look at STI, Noble group and Golden Agri

A look at the broad market. This is another weak day. The STI closed at 2772, barely above the support level of about 2768. The STI has been threading water above this level for this week. It is weak. The only good thing i see is that we have stopped falling. Most of us are at 'wait and see mode'.

Today's price action for NOBLE GROUP looks a quite bullish. Volume is starting to build up for this stock and it appears that it has found good support at around $1.05.

Golden Agri's price action also looks quite good. It also looks like it has found support at about $0.63. I think it will retest $0.67 again.

End of day look at the STI

Just a quick update. After gapping up into 2820 on tuesday, the price gapped down yesterday and closed weaker today. The overall trend of the market is still very bearish. If the market closes below 2767, then it will likely trend to around 2700. If the market is able to close above 2820, the market may be able to rally to 2870. Throughout the day, i noticed heavy selling in commodity stocks like Noble and Golden Agri. There was also a period of heavy selling in Genting SP. Overall, the market sentiment is not so good.

STI and NOBLE GROUP

The STI bounced today, as i think it should as it was so massively oversold. But like i mentioned in my last blog, 2767 is a rather key support level as it corresponds to the previous pivot high and is a 38.2% fibonnacci retracement level. We have a huge gap to fill, and chances are that the STI will retrace back to the 50% fibonnacci level of 2819 and even to the 61.8% fibonnacci level. But the major trend is now down and we may retest the 2700 level during the next down leg.

Above is a daily chart of NOBLE GROUP. For now, the stock has found support at $1.05. It closed higher at $1.095, but at a moderate volume on a quiet day. If the retracement continues, the resistance is at about $1.20 - $1.23. Again, major trend is down, but it is possible to catch retracements to the upside is one is nimble.

updates to STI, NOBLE GROUP and NOL

The STI gapped down past the 2800 level all they way to the 38.2% fibonnacci retracement level of 2767 before closing at 2779. This happens to be close to the previous pivot high in Jul 2011. We are very oversold on the daily chart and i expect some rebound next week. This is also a rather key pivot level. Let us see what the market gives us next week.

Above is a weekly chart of NOBLE GROUP. We tested the previous low of 1.05 and had a nice bounce from there. I certainly hope NOBLE GROUP can hold at this level. If the price breaks below this level, the next support is at $0.80, a level only seen way back in late Mar 2009. If we do manage to reverse, the upside target is $1.34

NOL also hit the previous pivot low of $1.00 before closing at $1.03. If this level fails to hold, the next downside target is $0.76, which was the low in Mar 2009 during the dark days following the collapse of Lehman Brothers. If indeed the exit of Greece from the EU is the equivalent of the collapse of Lehman Brothers, then we could see a test of such levels. Let us see how the drama unveils.

same old, same old - STI

Today i just update chart of the STI since most of the stocks exhibit the same behaviour. Above is a daily chart of the STI. After opening rather strongly in the day, the STI turned bearish as the afternoon wore on. We closed at 2821 - just shy of 2820! (the 50% retracement from the recent high of 3033 to pivot low of 2606). Such extreme pessimism. We should get a rebound soon. But i think tomorrow will be a quiet day as few people would want to hold positions in this jittery market over the weekend.

STI, noble group, NOL

Above is a weekly chart of the STI. The STI has continued its downtrend and has hit the 200period moving average. Next critical support level is around 2820. If this level fails to hold, then the selling could get rather ugly as the next major support level is at 2767.

NOL closed at $1.055 today. We could be headed towards the previous pivot low of $0.995. If NOL fails to find support at around $1.00, it could be heading into the region of around $0.85 (the previous low around Oct 2009).

Noble closed at $1.09. It also looks like it is heading towards the previous pivot low of $1.055. We are at critical levels, the sell-off looks a bit overdone to me, and i think the market will drift lower over the next two days and rebound the next week.