SIA TA Chart – 14/10/2008
After many waves of selling due to the credit crisis (can you imagine the country of Iceland has gone bankrupt!), governments around the world has coordinated some moves to save the economy. Investors are going through a buying phase though it might not last long.
Downtrends of most markets are still firm and selling pressure might resume later. This might be a bear rally. Cautious investors might be waiting at the sidelines until major supports after the rally have been tested again.
SIA has hit a July 2006 low of $11.9 before rebounding yesterday. Currently, it is on its way up to test the strong resistance of $13.88.
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[...] the last few days of selling after the bear rally, SIA has even broken the July 2006 support as well. Despite the market and the counter being severely oversold and a rebound is very likely at [...]