Monday, November 07, 2005

STI - Today


Today shredded 9.44 points ended 2,257. This tested the downtrend support of 2,258, indicative of more downside tomorrow. The pull down will be inevitable considering HK Hang Seng's drop of 200 points today. This spill over effect will certainly turns STI downwards.
Things to note were Tech stock (besides Venture) seemed resilient against this Intraday downtrend.
Also the tail end pattern which created a sudden upthrust makes a would be bearish anticipation for tomorrow dubious! Of course, it could be easy to say that it could be short covering, but where is the prove?

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