Just got my up-dates, partially

Well, I just got my data up-date, but only partially. I wanted to look at the Forex especially on Euro. I understand there was turbulance in that counter. Too bad it was not up-dated, damn it!


Fig 1 STI Daily Chart

Anyway, STI is shredding off its gain today. By day end, it has dropped about 22 points. From the chart, I first noticed the indicators are basically at the bottom and therefore STI should be moving up. However, I suspect it is into a B wave after the completion of A, so the up-side might be limited. It is presently resisted by both the 21 and 89 days moving averages at 2,916 and 2,865 respectively.

My suspicion is that it will touch the resistance of 2,947 for this index. Since it has crossed the long term trendline, I assume a high possibility fo bear.


Fig 2 Genting Daily Chart

Okay, because I am telling myself that I am only writing one entry today, I join the 2. I was actually into Genting recently (end last week). I saw a flag formation broke out and it was about half way there, I believe that time was closed with 0.96. I went in the next day right after DOW plunged 900 points. Genting fell to a low of 0.92. I hessitated and only bought the counter at 0.935, 2 bids up. It went up to 0.945 by Monday. My original calculation estimate it to reach 1.11 if it breaks 0.975. This will make a aouble bottom for Genting.

However, as I continue to observe Genting today, something is not right. It opened higher but met high resistance at 0.97-0.975, retreated down to 0.95 and came back to 0.960. In candlestick, I will call it a star. I am also having a feeling that it is not making a double bottom but a rectangle, resulting in a continuation instead of reversal.
If this is indeed a rectangle, its objective would be 0.69. Presently the Stochastic is reversing, same with RSI. In addition, RSI is having a divergence giving quite strong hint of Genting turning south again. I left the counter at 0.96, so will I be right about Genting, only time will tell.