STI Pivot Point

Straits Times Index weekly pivot point:

R3: 3096
R2: 3064
R1: 3021
PP: 2989
S1: 2946
S2: 2914
S3: 2871

STI dropped to S1 support today, down 31.3points to close at 2946.78.

Straits Times Uptrend Intact

We had a first down week for STI, after seven weeks of consecutive up in a row. STI immediate support is 2964, major support 2900, major resistance 3000. It has to break above 3000 to conitnue climb upside.

STI Daily:

Bullish Conters In Focus

1. Techoil&Gas: it finally had a breakout from its resistance 92c last Firday, after two weeks consolidation. Nice uptrending stock, more upside is expected. Target is 1.0, it closed at 94c last Friday.

2. Hyflux: Strong rebounding from support 1.465 with high volume on Last Fri. Target is 1.68.

Are we losing 3000 this week?

STI closed at 2968 yesterday. It has retraced from its high of 3030 to as low as 2956 over past two days. It managed to closed above its weekly pivot S1 at 2964 level, but still below 3000. Today is the last trading day of the week, if STI closed below 3000, then we will have a first down week, after seven consecutive up week.

Some of the stocks retraced to (or near) their support level. The general uptrend is still intact, so I'm looking for bullish reversal signal to get in again. Below are the counters with their respective support level.

CAO 1.2
Cosco 1.18
Olam 2.34 (61.8% fib level, retraced more than 50% already)
Wilmar 5.15-5.0
Sunvic 0.495( 50% fib)

Wilmar's Nosediving

Wilmar dropped sharply yesterday on missed expected result. It closed down 64c or 10.9% at 5.22. Still got some room to drop to my target major support 5.0.

Wilmar Daily

Wilmar Weekly

Here it Goes

Forwarded: Market up, COE also up...
Reply: Only salary doesn't up.
Forwarded: hahaha...

Here it goes, STI closed at 2995.59 today, down 29.48. Given many of the blue chips has stalled, I will be very cautious on long side. 3000 is an important level, breaking down it might lead further profit taking in coming days.

Olam Retraced to 50% Fib Support

STI dropped to 3000 support level and managed to bouncing up now, 3011.09 -13.98( 1150am). The overal uptrend trend is still intact for STI. Cheap stocks getting quiet from hot over past few days. I'm still prefer to trade my favorite blue chips after all. The cheap ones are more exicting when it up, but very painful too when it down or sideway( as I'm trading for short term most of the time).

Olam is trading at its 50% fib support level 2.42 after past nine trading days retracement. It's now 2.41,-2c (12pm).

Bullish Setup for Tomorrow

Below are the counters in my focus list for tomorrow trading, there are high probability for them to move higher.

I remember Dr. Elder says: Separate your analsis and trading.  Be an analyst outside trading hours and make your plans and decisions without emotions. During market hours, be the trader and execute the trade plans accordingly.

Hyflux
CNMC Goldmine
OrchardP
Hi-P
Sound Global
Cosco
FnN
Osim
Broadway