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STI increases 1.1% to 3,130.90 at closing. The measure advanced 1.2% this week, its sixth weekly gain. Three stocks rose for each that fell on the 30-member gauge.
Friday, 01 October 2010
Friday, 01 October 2010
© 2010 - The Edge Singapore
Together with the STI's stellar performance, Genting SP staged a strong rebound. The MACD histogram turned green, a buy signal but the rise in price was not accompanied by heavy volume. This suggests that price rebounded on short covering and that it rose because of a lack of sellers and not because of an abundance of buyers.
This rebound was probably a good chance for bulls to reduce exposure. Personally, I feel that a resumption of a downward movement towards the 50dMA is likely and that further upside could be capped by the 38.2% Fibo line at $2.05. However, with an upgrade by OCBC, I wonder which way it would go. It is a grand tug of war between research houses.
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