STI Commentary

On 31st Mar, it seemed like a head fake when STI started to dip. I was taken by surprise, only to rebound back strong to hit a new 52 week high. The good news were most likely the catalyst causing the strong rebound while reinforcing market fundamentals. IMO, market just wants to run away, and it will run as long as there's good news to buoy it along. Well all I can say, the bull run is still intact ;)

Noble on the hand gapped down, but rebounded up with the first white candle. It is nicely resting on the a few support lines. And I took the chance to load some noble today. My reasons are purely based on TA:

• It's oversold; below 30%
• Stochastics is at 20% percentile; history shows it will rebound up
• I personally think 100EMA & Ichimoku kumo cloud support will hold.
• STI to continue its bull run hence noble at some point will be influenced.
• Even if it gets shorted down again, I expect the most to drop another 5% at most.