Sunday, October 01, 2006

Market enters the choppy October

STI inches higher towards 2580, the big gap during May. STI at 2514 should offer very good support but 2486 should be a fantastic level to bottom fish...but i will run for my life if things turn sour there. Property again leads my volume screening. Looks like one of these days i will look to add a property counter to my portfolio. SPH's result should be around the corner. By the way, Dow Jones has been acting very nicely as it tries to scale new high. Pull backs along the way as it tried to make history. Our market has been pushing higher whole of last week, please expect pull backs. If the pull back touches major support lines, it maybe good time to load up!

As for Indices, my take is, they will open weak in the morning due to reactions from US market's retracement. The weakness should not extend after lunch. This is my anticipations. HSI key support will be the low it made at 17,277 or 17,300 thereabts. Major support will be found at 17,125.

Whereas for Nikkei, support should be the 16,000 levels. 16,141 is where the first resistance is.

From my XpertTrader screens, here are the interesting observations,

UTAC has broke 50ma support, price should rebound above the 50ma within 3 days, otherwise it will turn from support to resistance. Levels to watch, 0.760, 0.715, 0.705.

SinoEnv, Resistance level to watch 1.12, Support 1.00

SembKim doesn't look simple.

Silverlake, Support at 0.490, 0.470

Synear, 1.04 is the all time high.

I will be the trainer in the upcoming free XpertTrader workshop. I will be presenting key features and then introduce some of the XpertTrader rules that have served me well over the years. So if you are interested to automate your trading analysis as well, feel free to register for the free event.

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.