A humble student of the STI market. Disclaimer: The postings on this blog are personal views and are in no way an inducement to buy or sell. Before acting on any information on this blog, you are advised to consult your professional advisors.
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Thursday, 12 April 2012
I see an ascending triangle that just broke out today. Too bad I didn't react in time to it.
It did show some signs of strength since it continues to trade at the top of the triangle with little reaction.
Based on theory, the upside from 11.13 is another $1.80, which brings use close to $13 potentially.
But based on fibonacci, the immediate target would be $11.64 to 11.70 region (which was part of the shoulders in last Apr/May).
After hours, there was news of a US$4bn letter of intent by a customer, and this might be the cause of the move.
Trade safe!
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