dow jones looking better in the near term - hope that it will give some power to singapore market too

As i said on friday morning, i was looking forward to a technical rebound for some of the s-chips or china companies listed in the singapore stock exchage but that failed to materialize……i did not act on friday cos one of the main criterias which is supposed to trigger a buy signal is that prices move above the day high of thursday….most of the stocks i monitor did not have this breakout signal

with dow jones closing up 165 points on friday, i have revisited some of my charts

firstly, dow jones short term chart looks nice, closing at five day high of 12307, above the resistance of 12286 on 11th june with stochastics crossing up in oversold zone, this means there is potential for a bit more upside in the near term (the near term support for down jones is now at 12079 and near term resistance around 12600)

as for some of the hot singapore stocks i monitor, their respective near term resistance are :

sino env - 1.43

ferrochina - 1.29

china milk - 0.785

mercator - 0.49

first resources - 1.17

sinotel - 0.295

oceanus - 0.375

sunvic - 0.375
china hongxing -  0.475

buy signals are triggered if the resistance is broken, but i will cut loss if stock prices close back below the resistance levels

some times, these resistance levels will change the next day depending on stock price behavior so have to check the charts regularly…..this is the pain with short term trading.

cheers

rooney