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STI +0.7% at 3196.44, likely to stay at current levels, just below psychological 3200 mark rest of session; gainers still beating decliners 1.3 to 1, 1.11 billion shares traded worth $1.34 billion.
On short-term outlook, CIMB says “it looks as though the bulls have not given up hope yet,” after pushing prices back above 3,172 short term channel support Friday; from charts, says STI could form triangle here before another rally to test 3,215-3,221, then 3,272 resistances. “This triangle would only be valid if prices stayed above the 3,150 levels.”
On short-term outlook, CIMB says “it looks as though the bulls have not given up hope yet,” after pushing prices back above 3,172 short term channel support Friday; from charts, says STI could form triangle here before another rally to test 3,215-3,221, then 3,272 resistances. “This triangle would only be valid if prices stayed above the 3,150 levels.”
Adds, sustained drop below 3,177 channel support would likely see prices fall back to 3,082. SGX (S68.SG) down 4.6% at $9.10 on deal to buy ASX; Genting Singapore (G13.SG) +1.8% at $2.26; Ezra (5DN.SG) also among top traded, down 2.2% at $1.78 after in line FY10 results, US$250 million ($323.1 million) Aker Marine Contractors buy.
