Morning,
DJI dip by 245 points on poor employment data. Oil plunge 12% to $42 as inventories higher than expected. STI dip 33 points yesterday with Capitaland having rumors of rights issue.
I am expecting some form of retracement with support at 1780 as the rally is too fast too sharp. Formation wise, we are look at an ascending triangle for STI, touched resistance at 1930 and coming off fast. Many counters formed reversal bars yesterday, an area to take note. Rally in palm oil unlikely to sustain, caution in counters like Golden agri as they outperformed peers significantly since start of 2009.
Look for opportunities in defensive sectors like telco with high dividend yield.
Regards,
Heiwa
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