After continued selling throughout the day, at 3pm, market rebounded and closed above their lows. UBS had downgraded Capital Land, Keppel Land and City Dev from Buy to Hold...triggering selling in these counters and resulted in our STI testing support and broke it during intra day. Although there was a rebound, i am still not comfortable with the lack of buying interest in the market. With global indexes weakening, STI won't lead, this i'm pretty sure. Currently STI still staying afloat on major 2280 support. Break that, we might see an unfamiliar 2250 levels.
I'm standing aside and guarding my 2 counters closely. No buying for me. The inability to break STI high is a warning sign to me.
As for Simsci, I had adopted the fish at bottom or buy at breakout strategy.
Here are the highs and lows of 20 and 50 days period.
20 days
High: 279.9
Low: 269.0
50 days
High: 282.4
Low: 267.5
