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SingTel
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Where It Is Heading
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Farmer
Master |
28-Nov-2007 16:53
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Since this counter closely track the STI performance, see below.....courtesy of OCBC research. Straits Times Index 28 November 2007 Setting the stage for a rebound? - We stated in our 15th Nov report that the STI would very likely be in store for a rebound. The STI has since settled onto our forecasted support level at 3,300 in the last few trading sessions. - At this stage, the 50-week moving average has been broken by the recent sell-off, which is the first time since June 2006 that the 50-week moving average has been broken during this 4-year bull cycle. This could point to a further drop in the STI, although the market is likely to witness a rebound after the current correction (Refer to chart 1). The weekly stochastic indicator has dipped into oversold regions, and historically when the weekly stochastic hit this level, the STI typically staged a rebound. - The reversal candlestick patterns that have formed over the last few trading sessions indicate that a rebound is in progress. - We can expect the STI to head up to its 1st resistance level at 3,650 before the rebound begins to wane in strength. Expect the moving averages to add to intermediate resistance as well as when the STI approaches 3,650. Beyond 3,650, the STI would have to contend with the lower band of the uptrend channel and the short-term down-trend line from the peak at 3,906 connecting the lower high formed subsequently. 2nd resistance set at 3,870. |
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jasonfaxingliu
Senior |
28-Nov-2007 13:53
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See the prices today between 3.68 - 3.74 and seem strong buying now... any advise from senior that what will be the trend for SingTel this afternoon? Up ? Down? |
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