Tuesday, January 5, 2010

STI Updates

It looks possible that STI could be in a rising wedge:

However, it is still possible for the rising wedge to be broadened. For this rising pattern to be broken to become a parallel channel upwards, STI would need to reach the light blue dotted line, which to me looks like a monumental task for STI because of psychological resistance 2900 and 61.8% Fibonacci resistance level at 2970.

The music could stop any time... Clearly, a time to be prudent and not fall into traps... I have 9k sidelined ready to move in for value any time... But I can't find any undervalued stocks that are at a good entry point at the moment. Starhill is gone, Starhub is gone. Singtel has run up. Breadtalk has over-extended itself.

I'm starting to consider if I should realised the profit from Breadtalk. Shall see how it goes. I'm waiting for the 4th wave to be more clearly defined before finally selling some at the final wave....

Could I be wrong?

No comments:

Post a Comment

Please Comment >>