Wednesday, April 11, 2007

STI down by 2.0

STI is finally down after so many days of consecutive up days.

Down by 2, haha! What's more impt is the fact that intra-day, STI went down to 3400 before doing a rebound towards the latter part of the day. This should validate 3400 as a support level. Looking at RSI, it basically hovers around 40-50% zone. If you notice carefully, RSI is actually rising very gently in the morning till market closes. That's a very good sign that today's selling is just a light pullback, perhaps profit taking after so many days of STI record breaking days.

Swiber remained unchanged for the day. But looking at intraday, Swiber went down to 1.31 (1.30 being the support level), rebound up to 1.34 (support turned resistance) then went back down to 1.31 again. By the end of this week, or early part of next week, if all goes well, Swiber should be ready to move up again. Swiber is now undergoing a pullback, so it should be normal. As long as 1.30 don't break, I think I'm alright with the daily fluctuations.

That's enough for now. Dow at -28, europe mostly green.