The STI weekly chart shows a healthy retracement (to the 50-week MA) after a tremendous 350 pt rally last week.
Immediate Support at weekly 50MA, whereas immediate Resistance will be the high we set last week. Remains to see if we can clear new high, or do we go back to the 1950 level of support.
Despite the bad economic situation we're in, remember that the stock market has always been forward going. Please do not underestimate the power of this rally, as it hasn't shown any signs of it's over yet. Until then, I'd choose to hold back any plans of initiating a short position.
DISCLAIMER: The opinions expressed in this blog are purely my own analysis of the market, and should not be taken as a purchase or sell advice. I am not responsible for any profits or losses should you act on my views.
Sunday, May 17, 2009
STI Weekly Chart (End 15th May)
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