Tomorrow going to see some major major selling, I believe, unless investors here and savvy enough to appreciate just how much a problem is their credit going to affect us. Yeah, liquidity going to be drained with more expensive yen but haven't it happened before? Never say this time the market is different, because human psychology never changed and so the mechanics of stocks will never change. It's always the same thing. As I put it before, how your investment portfolio is going to be like depends on what you do now.
Long time never draw charts for STI already. Let's do it tonight.
STI is resting on support level around 3430 (also 50% fibo retracement). It also opens high and close around that level. I do not know if it's a good sign or not. But if this support breaks, the next point we're looking at is a 70 pt down to 3360 thereabouts (38.2% fibo retracment). That should be about the point we're looking for tomorrow and I do expect that support to hold.
If not, a worst case would be to retrace to 23.6% fibo retracement at 3290, a 140 pt drop. Okay, that might happen, but I just don't think it'll happen over 1 day. By the way, 3250 is the ema200 days, if that one also break...bye bye STI! Not so unlucky right? Drop 140 points twice in such a short span of time? Haha :P
No eye to see :) haha...don't see loh :P
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