Will STI Index hit the much anticipated 3312 in November 2010 and continue the bull run? I think that is the question on everyone mind. Taking a look at STI index performance today. STI is now 3279, where 3280 is a minor resistance point. Looking at the breadth, buying has been healthy with advances greater than declines. Based on improved sentiment and easy credit, that is quite possible within the next 1 month, though investors are most likely to take some partial profits off at the 3300 point, pausing the rally to allow more people to be on the boat.
Today, lets take a look at another fallen star, our local stock exchange: SGX! Things are not looking good for SGX after the super run up last year due to news regarding acquisition of Australia Exchange. That great move is highly news driven, and so when the news die down, the rally loses steam and retrace to 61.8% from its swing high. The next immediate minor support is 8.20, and should this fails to hold the bears, watch for the critical 8.00 level.
That is all for today! Happy profits for everyone!
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