Tuesday, March 27, 2007

Bullish engulfing on STI?

No charts today, too tired.

Swiber did well, broke 1.26 resistance and reached intraday high of 1.3 before closing above resistance at 1.27. Next resistance at 1.3, breach that we'll rock and roll.

One of the rare times that I saw STI being independent today. HSI and Nikkei dropped (although a little), STI is the only green market around this region. Good huh? And all this is on a down day for Dow. Perhaps rumors are flying around the market that Marina bay construction contract is going to be awarded soon. Yongnam, BBR and CSC flew with top volumes.

STI on the whole advanced by 30 points with rather respectable volumes. Candlestick reading shows a bullish engulfing, a good sign. I expect tmr STI to go up too, depending on how Dow perform (unless STI becomes independent again). Basically still have a gap at 3150 yet to be filled, but if it becomes breakaway gap, then no need to cover already. Next resistance for STI I'll be looking at 3300. Haha, if that really happens without STI covering gap, I think we'll be posed for a major crash later. Haha, who cares, enjoy while it lasts!

CDL rallied another 0.3 again, after 0.3 gain from yesterday. So that's 60 cts from this week to date. Impressive! Resistance at 14.6 taken out with high volume. Next resistance should be the 52 week high - 15.2. TA point of view: more upside to go. I'll be cashing in soon to lock in profit and wait for a bit of pull back and deciding whether to go in. Probably not, cos nowadays' i'm swearing off warrants, haha! The incline upwards is too steep already, increase until I'm scared. Let's try to make a 15% gain on this warrant, then I'll be a happy man :) That's just 2 bids away from current price.

Pac andes continued its marvellous climb. This stock should rocket throughout this week, excellent bullish signs from technicals. After General meeting, this stock should climb even more because then we'll have more details about the rights issue. Happy to be able to get 1-1 rights for pac andes at super big discount of 0.52, compared to today's market close of 0.98. That's nearly 50% discount, haha! I think after getting those shares, we can even sell the rights on market, so double whammy :) so exciting for pac andes development, to think i'll have to wait 1 WHOLE year for this. It's worth it.

Dow is at -50 now. Yesterday dow went as low as -100 before recovering to -11, another hit but won't die case. Let's see if tonight dow would repeat that performance.