- Previously a Cup & Handle formation was spotted for STI, and today it broke out convincingly closing on a new high of 2968, breaking the triple/quadruple top. Short term, it is a bullish bias. I expect (Elliot Wave 5) to breach the 3000 mark and scale upwards. I might start to be cautious come mid Apr or late Apr where the adage "Sell in May and Go Away" might materialize.
- Noble group rebounded as expected around the 3.0x region; this confirms 80% of the inverse H&S formation, also making it bullish. The estimated resistance drawn was set at 3.22 which is the neckline. Today it hit 3.21 and closed at 3.19 instead. I expect it to shoot past the neckline, and then cover the gap.
- Midas is another stock I'm watching closely. It was forming an ascending triangle and this week this formation is being maintained. Am considering to buy in. China is also looking to expand it railway networks and this bugger could prove to be in great demand.
- I'm vested in MapleTree. Today it formed a doji and is within the rising wedge (bearish) or ascending triangle (bullish) formation, the next few days, i'll be able to get a clearer direction.
Whatever you see here are my little predictions that I gaze from my crystal ball every now and then. Please do not make an investment decision based solely on my charts or commentary. Caveat emptor applies.
Apr 5, 2010
Round up of my analysis so far
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