The recent sell down in STI is scary with the STI plunging -42.4 points today. The profit taking taking combined with the weak selling was indeed showing lacked of buyers in the market. Hence STI then had a free fall together with the penny stocks. Of course with that being said, some second liner penny stocks are in play too like GSS Energy and also Sing Medical had some scripts collection going on. Towards the end of the day, the market together with all the penny stocks then suffer a heavy sell down which was pretty scary.
I was studying the STI chart carefully for the demand zone should any rebound materialized. The horizontal lines showed some serious buying zone and should STI hit there, I will be watching for a turning point. I expect more sell down first before any rebound is imminent.
Ronald K -
Market Psychologist -
A Stock Market Opportunist
