Penang here I come......

I am going on a trip tomorrow, destination? Penang!!!!!

Yah! I know, there is nothing to be too excited about, it is not really exotic, relatively cheap and culture not similar to Singapore. So what for going?

Well, after the heavy spending on Perth last year, we feel that we have lesser fund for this year's trip, and we are not spending a lot of our leaves for tour in the first place. So Penang is a great place for a quick get away. Anyway, I really need a break, work in the office has been how should I say? uneventful and not really motivating. I really need to let go for a while.


Fig 1 HSI Weekly Chart

It has been a while since I last spoken on HSI, neverthess, the forumers have always refer to HSI when come to STI's movement.

The way I see it, HSI is not looking good. A potential double top in the making base on the weekly chart. Its neckline is 19,423. HSI stopped at 20,212 yesterday but it is descending. Although it is on the positive gradient of Gann Grid line, it is also reaching the apex which quite often indicate a change in direction.

The indicators are also descending and they are now below 30% mark. This would be one good sign which means that its descent might be limited. Most likely because it is reaching its neckline support level.


Fig 2 HSI Daily Chart

On daily basis, HSI indicators support a climb, but its rate of increase is higher than that of the climb itself. So I guess what the indicators shown is a counter wave.

While I am looking at a potential double top, I can't help but to notice yet a possibility of a head and shoulder, with left shoulder formed between July till August 2009. Both patterns share the same neck line. If the formations come true, the objective for HSI would be 15,675, a 4,000 points fall fro here.

The only way to confirm otherwise on HSI would be the point when it surpasses 23,099, the peak of its latest move in November last year.