Thursday, September 14, 2006

Market looking confused

STI is trading near the resistance at 2517, covered the gap. Next target is at 2534, and we can expect the current uptrend to remain intact if we take that out. The shooting star that i am so wary of on the weekly chart will not have a black candle confirmation if we do not close near 2480s. Regionally, things are not so straight forward. Nikkei and HSI playing see-saw and STI is caught in between.

I cut my Celestial at 1.51 today, it had broke support at 1.53 and I just had to act. The stock closed at 1.53, right at support. With decent conditions of Nikkei, DJ & Nasdaq before our market open, I was anticipating Celestial to reverse. Gap up it did at 1.56 but move swiftly down. HSI didn't help matters because it is mixed and down whole day. I just wanted to avoid a wilmar on this one. We all know that Celestial can move up very fast, it can also move down damn fast!!! I once read that, cutting loss when your analysis is wrong is your insurance premium to prevent further capital loss. Nevermind the stock reverse the moment you sell because you have bought at the wrong time. 1.51 is supported by 50ma and the daily RSI seems to have rebounded for what might be a reversal. I will watch on.

Chinasky is an interesting stock captured by one of my rules in today's XpertTrader's stock screening.

Over the last 2 months, there are alot of wonder stocks, Midas, MMI, Jtech, Hi-p....these are what i am trying to own. Patiently await the time to pull trigger! It pays to follow them.

DISCLAIMER: This is not an inducement to buy or sell. You should do your own analysis on top of my postings. Copyright © 2006 GrowMoney Blog. All rights reserved.