After moving up to a high of 3239pts on yesterday, the gap formed on the 27 Feb~28 Feb 07 is being covered. As the stochastic is showing sign of weakness, STI will start to move down again with the support level at around 3157 (20d EMA and support line of triangle) follow by 3050. If STI rebounce at 3157, it mean the correction is over, but if it fall further than this, that will possibly be the last wave of the correction (base on Elliot Wave Theory).
Some analysts said that STI will move down to 3050 and rebounce but some said that it will move all the way to around 2850. We shall see where STI will head to, but this coming downfall will provide a good opportunity to enter before it push further up again.
2 comments:
May I interpret that currently STI is well supported at the 20MA? In another words, correction is over? Please advice. I just lost 35k and cannot afford to lose anymore.
Hi,
That is my personal opinion basing on reading from the chart. But of course if it fall below that 20d EMA again, then correction is here again which I think is unlikely during this few weeks unless something big happen.
Sad to hear that you've lost 35k recently (I assumed). Did you work out a strategy for your investment? Which I think is essential for investment, investign in share market is just like fighting a war. Without any strategy and understanding of the situation will greatly reduce your chance of winning.
To me, understand the FA of the company and entering base on the TA is very important to me.
You may want to read my articles on my investment strategy.
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