Wednesday, June 24, 2009

Weekly versus Daily

On the weekly chart, it still points to more downside. However the daily chart looks like turning. This is a very good level for the market to turn upwards. A quick screen on the market reveals that the volume still ain't returning as yet. So long you didn't buy at the high, i'm sure despite the swings in the market, the current price should be still around your breakeven price. I am also seeing a good chance for the market to bounce from here. The next 3 sessions will be key. I would be particularly interested to see the market close higher in the next 3 sessions. Otherwise we may plunge further.

Sector Analysis: After rounds of selling... two sectors stood out from the rest, properties and commodities. As we see the index falls lower and retest 2210s to 2230s level, only properties and commodities showing similar actions as depicted. Both sectors retest lows while the rest lower lows. Hence these are the two sectors i would be more interested in.

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