STI: STI has broken 1716 support level. Obama's inauguration and the budget day did not provide the much needed boost to the market. However, DJIA has been rather resilient, amidst all the negative news. From the technical observations, STI is oversold and searching for a bottom/trend reversal. Will this be a temporary pause to the bear trend or a reversal of trend? A breakout above the 20MA resistance will provide good prospects of a trend reversal. While a failed breakout will enbolden shortist to ride the bear trend. Tonight's dow performance will be a very key deciding factor as it will provide the leads to how much the Hang Seng Index need to catchup, after a few days break for the Lunar New Year.
My Stock Pick from Indicators Watch:
LONG on UOB, SIA, SGX, Sembcorp, Keppel Corp
Disclaimer: My assessment of STI is for fun reading only. It is not an inducement to buy or sell nor an investment advice. By reading this blog, you have agreed that I shall not be responsible for any profits or losses based on the information provided.
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