17th June 2009
Morning Highlights:
Today’s Market gapped down and traded lower. The STI managed to break through 2264.99 but the index quickly climbed back.
There is a high chance that market will be trending either direction. We will have to wait for the index to break 2257.44 to confirm a continuation of downtrend.
If traders are holding on to short positions, we recommend a hit-and-run strategy. It would be ideal to wait for the market to confirm a clear sign of downtrend.
As for us, we will just wait and observe the market for now before we decide on our next course of action.
For keen traders, just a side note, we see that there is a potential setup for Keppel Corp It forms a descending trianglep, waiting for it to break at 6.54.
Currently, the STI is testing 2257.44.
Afternoon Highlights:
The STI recovered and cleared 2281.27
Though the index managed to clear 2289.28 at 2.45pm (Singapore Time), the point doesn’t hold.
The index point is seen retreating back. There is a high chance that the index will go oscillating from here onwards with strong support at 2257.44.
As of now, we have only spotted a possible sell entry for OCBC at 6.74, Stop Loss at 6.88 and Take Profit at 6.60. Will leave the open position overnight
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