This rebound could be real

Although I am inclined to think that a correction is on the cards (STI needs to drop at least 10%), extremely oversold stocks rebounded strongly off support levels today. Although the STI has declined by only 8%, thus not qualifying it as a correction, I feel that even if I buy now, I may not be too far off from the bottom. Additionally, the much-awaited correction may not materialise.

Noble
Stocks rebound smartly from 50% Fib level at 2.85 (2/10/09 to 12/1/10).
Other indicators: inverted hammer (bullish), extremely oversold stochastics which should rise soon.
Major uptrend intact but, prices are below 50-day MA, the first time since the bull market started in March 2009.


Wilmar
Support level at 6.61( 5.93 to 7.29 50% Fib level, 2/10/09 to 12/1/10) holding well on 50-day MA.
Other indicators: Inverted hammer, extremely oversold stochastics should turn up soon.
Major and secondary uptrend intact.


UOB
Broken below 50-day MA, but extremely oversold, so may see technical bounce from present levels. But i won't be betting on this stock to go far as it has lots more hurdles to clear.


My trading plan:

Buy 1,000 Wilmar shares at 6.65
SL: 6.25
TP1: 7.05
TP2: 7.85
RRR: 1:2
Potential Profit: $400
Potential Loss: $800


Update: I have exited Creative today, as my time limit for "playing" is up, for a $290 loss. Would avoid this counter in future as it displays deceptive technicals (Breakout then tapers off). Creative is no longer the counter of old.