Even though we have the signs of an initial bull run, I believe STI is on the way to a significant correction, unless we have some BIG buyers (fresh funds) coming into the equities market.
Resistance set at previous high of 2424, with 1st immediate support at 20MA at around 2283. I don't rule out STI correcting all the way to 2121 and even 1950, depending on how deep the correction is.
Trade with caution, do not buy at resistance. Wait to pick up on a cheap at support levels.
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.
Wednesday, June 10, 2009
STI update. (10th June 2009)
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