Some profit taking spotted in the STI. The market gap up strong today but it later on came down due to some profit taking on the good news very early this morning. Usually when there is such a good news near supply zone, profit taking is bound to happen. In this case, the STI is reaching near a critical supply zone for the short term before it might take a small simmer first. Study the 5 minute chart, you will see some wb n profit taking. Waiting for a chance for price to simmer down first before taking a long position. On another note, Tee Intl just went halt which I am not sure what's the news is but I know it requires a catalyst or a good news now to lift the spirit of the stock up.
Ronald K -
Market Psychologist -
A Stock Market Opportunist
