Good news that STI has clambered over the 3030 barrier. Has it broken out? Let me take a leaf out of Mr Hu Li Yang textbook.
If an index stands over a controversial support and resistance figure, it needs to maintain over that figure without falling back at least 3 days. So this week, we shall see how resistant is the STI.
If it falls back into 3000 again this week, it does not mean that it will continue climbing higher. If it has stood above 3030 without falling back this week, the next probable target is 3240!
That is the prediction that Asian Leading Investment Guru Hu Li Yang has. STI next resistance is 3240 if it stands above 3030.
If after this week's reports and news isn't that bad, probably it is REALLY time to buy some stocks!!!
As mentioned 1 month ago, we are really bullish in mid term (2-3months time). We are anticipating a rally towards the election and an early christmas rally in Wallstreet this year.
I am now preparing my slides for my malaysian trip... not enough time to update... but will give my view on FED tonight and Europe 2moro... stay tuned!!!