It is quite encouraging to see some normality in the markets today. All the markets in this region underwent a strong correction today after a
STI skidded 72 points to close at 1,673. The day low was reached at 1,658, covering the gap at 1,664. Volume done was lower than last Friday at 1.06 billion shares worth $881.50 million.
Judging from the volume of this sell-down, I think there are many traders trapped in the market after they got desperate and chased the stocks last week. Over the next few days, they will be forced to sell off, especially those contra players. Their actions will likely push the market down. The next strategic level for us to collect more is when STI is at 1,600. From there on, if STI does drop lower, it should be perceived to be a good opportunity for us to buy even more.
Note: Kindly read my first post, About Myself, on my disclaimer. Thank you.
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