Monday, June 20, 2011

STI at channel support & Oversold

STI closed 3005 on friday ending the week with the Eighth consecutive day down. How rare we have this 8 days down in the last 2year, i think it gives us a good opportunity to BUY again! The question is always WHY?

My view is:
1) We are not in the bear market yet, now is just 10% down from the STI top(3300)
2) RSI is oversold <30, the last time it went below is before the Tsunami, we got chance to see rebound if Tsunami never hit us again next 2-3weeks time.
3) STI hit channel bottom, 3000 is a psychological level.

I will update if there is any good stock to buy, so far NO SIGN of rebound yet, the very few stock that is still standing are Firstres, Straitsasia, Rafflesmg. When times come we will be pampered with choices.. Stay Tuned!
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