| | Close | Change | Low | High |
| STI | 1,887 | 12 | 1,813 | 1,887 |
| | Shares | Value |
| Volume Traded | 1.58 billion | $1.23 billion |
The activity is starting to shift back to the blue chips again. It was a case of "opened weak and closed strong" today. The underlying strength in the market remains strong even though the US US
high on the back of short coverings.
From today's performance, I think we have slightly more clues to the tricky situation I had mentioned yesterday. It seems to me that most investors are serious about buying and holding on to their blue chips. The traders are mostly trying to trade up the trend rather than to short down the market. These add up to bring about this resilient market I guess. Therefore, I suggest for us to continue collecting more shares whenever possible on pullbacks and/or using the 14-day MA as a gauge to time our entry. As of today's closing, I see the shot-term support for the STI at 1,850 region. It would be good to enter more from here or lower if you agree with me that in the near term, STI can possibly retest or break above 1,960 (the last high in January).
We will have to see how Wall Street performs tonight before taking our next course of action. Our closing this evening probably factored in a rebound at Wall Street already. Should this expectation fails, the traders will very likely take profits off the table very quickly tomorrow. So let's wait and see.
high on the back of short coverings.
From today's performance, I think we have slightly more clues to the tricky situation I had mentioned yesterday. It seems to me that most investors are serious about buying and holding on to their blue chips. The traders are mostly trying to trade up the trend rather than to short down the market. These add up to bring about this resilient market I guess. Therefore, I suggest for us to continue collecting more shares whenever possible on pullbacks and/or using the 14-day MA as a gauge to time our entry. As of today's closing, I see the shot-term support for the STI at 1,850 region. It would be good to enter more from here or lower if you agree with me that in the near term, STI can possibly retest or break above 1,960 (the last high in January).
We will have to see how Wall Street performs tonight before taking our next course of action. Our closing this evening probably factored in a rebound at Wall Street already. Should this expectation fails, the traders will very likely take profits off the table very quickly tomorrow. So let's wait and see.
Note: Kindly read my first post, About Myself, on my disclaimer. Thank you.
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