Analyst Reports 12 – Sinking after Flying?

By Paul on January 12th, 2009

It’s funny to see after my last post update on the markets, everything seem to go downhill. Looks like the market has taken back nearly the 10% it has gained in that 2 days.

Looking at the chart, STI seems to be in an upward trading band. Attached below, it would have touched the support today (dun ask me why but Chartnexus did not update the EOD data for my software today even at 10pm). Gut feel is that tmr it will start resuming uptrend if DOW does not play pranks today. Even at DOW’s slightly red open at the time of posting, STI might stage a recovery if DOW does not plunge.

Another blue chip i have been following is SIA below. From a symmetrical triangle before, now it is a rising wedge. What is interesting is that the $12.10 whereabouts resistance has been formed and today, it has touched the support uptrend line at $11.22, the third time. As above, if DOW don’t plunge, STI will go up, hence SIA would most likely be up too. I’m talking about probability here. I would give it a high chance given that SIA has been pretty resilent despite STI drops for the past 4 days. And it’s hard for the market to drop on the 5th day in a row too. It’s not hard to figure where i put my money today.

Again, not an inducement to trade and you ought to form your own opinion.

As an side, I have now converted the Analyst Reports uploading to another website for your convenience. You can access it in the bar right on top of the screen as shown. I’ll upload the files as and when i get them so it’s more ‘real time’. So do check in once in a while.

Happy trading!

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