question of where is SMRT heading...

FY08 results was just released on friday after market, inline with expectations but outlook looks fairly blend...

SMRT outperformed STI falling only 25% from the peak of $2.01 partly due to the defensive nature in times of recession...but

SMRT dipped while STI had a nice rally since march 09, this is largely due to money flowing into high beta counters as the market temporarily recovers.

now that STI is facing huge resistance, we may likely see money flowing back into defensive counters...

i am anticipating a short term double bottom formation for SMRT considering money flow-back, this will bring an estimated target of $1.64. strong support at $1.46 should not be broken if the above holds true.