Update: Singtel has been in consolidation since november 2008 while index components enjoyed more volatility by retesting 0ctober's low in march 09 followed by testing new high of 2283 last week.

STI hit major resistance @ 2250, i am expecting some pull back with 1st level support at 2080 followed by 1970.

With Singtel initiating a breakout from consolidation, i am anticipating a follow up to a target of $3.05. If this holds true, stock should not close below support of $2.70 (Key support @ $2.40). Furthermore, their defensive nature will lure money flow into this counter while other high beta components retrace.

Portfolio:

long Singtel @ $2.77/78

long SMRT @ $1.50/51, reduce position @ $1.51/55