Genting Singapore: Big Operators are watching closely this trend. The selling pressure in Genting has not disappeared. Big Operators will emerge themselves next week with their activities as it is closer to the line of least resistance. By then, I have to judge how strong or how weak the buying is or if it will break the trend with more selling pressure.
STI: STI show signs of weak buying today as compared to the previous days. Could it be the end of the short covering or could it be a test for higher price to come? From the looks of it, higher prices are rejected. I would look to short today and see how much selling emerge. This is a tricky position because if it went down accordingly, it will be approaching the trend. However if not much selling is seen, i think the market will continue to run its course on the up side. If it breaks the longer term wedge, this could signal the start of a heavy downtrend.
Ronald K
