Analyst Reports 25 – Continuation of Support Breach

By Paul on July 8th, 2009

Mimosa’s blog post on Head and Shoulders formation triggered me to do some charting to see where the markets are heading.

It does seem that most of the marketing are correcting from their recent run up as well. Most notably India’s BENSEX which dropped more than 7% over the past 2 days. Oblivious to the rest of the world is China’s SSE which continued to run up albeit slowly.

BTW before the charts, would just like to say that Mediafire seems to be working fine again. I’ve uploaded the recent 2-3 days report I got from my broker. Just to let you know.

See the huge drop in BENSEX? Papers say on average, the Indian stock market drops after their budget announcement.

Continued break in the support level. 50MA is temporary support but we should likely look to 100MA for a stronger base. That will be the time I would start buying more into Singapore funds again whilst continuing on my RSP for now.

Very similar picture as as STI.

We have the oblivious SSE on the rise and in the overbought zone. Probably riding on momentum for now. China government is increasingly worried that their stimulus is channeled into the stock market so we might have to watch this. Look to uptrend line for support. Exercise percentage stop loss for traders.

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