Here I am back again after struggling for about 10 days to rebuild my computer after its graphic card gave way. I was trying to restore from Dell Datasafe backup utility and it screwed up because it did not cater for video card crash situation. I ended losing my data.OK. Let's get back to the main topic.
Last 2 weeks, the market showed strength and seemed to have forgotten about the Japanese nuclear crisis. It seems that the market has discounted all the bad news and bounced back aggressively. Now the STI is just sitting below the resistance line which also coincides with the down trend line's top.
So, next week will be deciding factor to see if it will continue to move up. 2 weeks ago, we were waiting for to see if the market will continue its down trend. It ended up bouncing back strongly forming a double bottom. But the market did not break the neck line of the double bottom. It closed just short of that. This gives us a hanging situation. Anything can happen over the weekend.
From the look of it, the market favors bull. So far, the sentiment seems positive and volume has increased. US released more positive data last week. All these macro economic factors pointing to more bulls.
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