Sunday, January 24, 2010

Still playing the waiting game

I am still watching if stocks are able to hold onto and bounce from these support levels.

Wilmar

Supports: 6.62 (50% retracement), 6.57 (recent low), 6.45 (62.8% retracement, very strong support region)

Stochastics still pointing downwards. Doji candle.
Expect: More downside, but limited.


Noble

As this counter has displayed an extremely strong uptrend, its Fib retracement is rather difficult to determine.

Possible supports: 2.98 (recent low), 2.85 (strong support region), 2.49 (5 Nov low)

Indicators: Oversold Stochastics trying to turn up, but RSI still pointing down. Hammer candle, an early indication of possible reversal.

Expect: Conflicting price action


UOB
Possible supports: 18.36 (50% retracement)

Indicators: Oversold Stochastics trying to turn up but RSI has not. Doji candle.

Expects: Slightly more downside.

I have dropped SAR from my watch list, as it is now possible for me to buy blue chips at "discounts".

STI

Supports: 2805, 2760

Indicators: Oversold stochastics turning up, but RSI still pointing down. Bullish Hammer candlestick.

Expects: Slightly more downside

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