Tuesday, 10 July 2012

Singapore Stocks Tips: Olam and STXOSV Near Resistance?

Article by Andy Yew: www.andy-yew.com

STI drop -49.47points today ending at 2929 today, some friends actually called me to ask about market outlook. The few big question now are basically 1) Is it downtrend already? 2) Is there anything to short?

1) Is it downtrend already? For this question I will say not yet, trend cannot be judge by one day, today is just the first day of reversal, hence we need more time to find out whether the trend has changed. Dont worry about no stock to short, if market were to go lower we will have more opportunity.
2) Is there anything to short? Yes, i think now probably we should look for some stock which is at their resistance and turning down. We would like to catch the pivot where it just started to turn down.

Olam closed $1.835 today after hitting the resistance, if market were to go down, now would be a good time to short it as it is near the support.Stoploss can be placed at $1.95. Mid term trade. Initial target $1.50 Enter only if it break below previous day low.

STXOSV closed $1.53 today, similar chart as olam just that Stxosv is above 200ma and Olam is way below the 200ma. Stoploss can be placed at $1.59. Mid term trade. Initial target $1.30 Enter only if it break below previous day low.


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