On Monday, Cosco trend sideway and closed at $1.26 with LOW volume of 12.42 million shares traded.

During the past 10 bars, there have been 6 white candles and 3 black candles for a net of 3 white candles.  During the past 50 bars, there have been 27 white candles and 18 black candles for a net of 9 white candles.

Both RSI & MACD are bullish though RSI in overbought region.

Important Resistance of Cosco: $1.295

Immediate Support of Cosco: $1.125

Currently prices are resisted by 200 days MA at $1.295

For the past 3 sessions, prices have been trending sideways along the key resistance at $1.295 and the trading volume remains relatively low.

The resistance at $1.36 is expected to be a much stronger resistance than $1.295.

Too late to buy now due to overbought market and thus we advise to sell at $1.295 resistance instead.

Stock Chart: Cosco! is contributed by : Singapore Stock Information Exchange

On 13/Feb, Singapore shares ended higher after Greek lawmakers approved austerity measures required to secure bailout funds and avert a likely default.

STI ended higher at 2976.34 (0.6%) with LOW VOL of 1.96 billion shares traded compared with 3.07 billion shares Friday. In the broader market, gainers outnumbered losers 297 to 138. Today STI regain back some of its losses on Friday as investors buy on the good news from Euro.

Headline in STI

Before market close

Singapore Technologies Engineering Ltd (ST Engineering) plans to buy satellite telecommunication firm Nera Telecommunications Ltd for S$141.1 million (US$112 million).

Singapore Telecommunications Ltd. (Z74.SG) 3Q net profit fell 9.6% to S$902 million compared with S$998 million a year earlier due to higher customer costs and a lower contribution from its Indian associate that was made worse by a sharp fall in the value of the rupee.

After market close

ComfortDelGro net profit for the financial year ended Dec 31, 2011 increased 3.1 per cent to $235.6 million compared with $228.5 million on the back of broad-based increases in revenue from all business segments.

DBS Bank has issued final guidance on its planned 10-year benchmark-sized Singapore dollar bond, and is seeking to price it today to yield 3.30%.

Technical Analysis on STI

Immediate Resistance of STI: 3005

Immediate Support of STI: 2936

MY sentiment on STI: Although STI recover slightly today but the resistance at 3005 continue to look strong to the bulls. Today the index merely bounce back on low volume and does not mean any thing at all. We maintain the view of selling for now.

ComfortDelGro FY2011 profit up 3.1% to $235.6M! is contributed by : Singapore Stock Information Exchange

On Friday, Noble re-tests the resistance at $1.50 and closed at $1.475 with regular volume of 88.51 million shares traded.

A doji star occurred (where a doji gaps above or below the previous candle).  This often signals a reversal with confirmation occurring on the next bar.

RSI & MACD bullish though RSI in overbought region.

Important Resistance of Noble: $1.50

Immediate Support of Noble: $1.42

Currently prices are resisted by 200 days MA.

For the past 3 sessions, prices have re-tested the resistance at $1.50 but the interest is low from the bulls.

Due to the overbought market, prices are unlikely to break the resistance at $1.50.

We would advise to sell at $1.50 if vested.

On Friday, Yangzijiang re-test the resistance at $1.32 and closed at $1.26 with LOW volume of 23.07 million shares traded.

A dark cloud occurred (which indicates that prices moved up strongly on the previous bar, opened higher, but then closed significantly lower).  This implies weakness as the momentum appears to be shifting from the bulls to the bears.  Note that the lower the close of the black candle (relative to the white candle), the more bearish the dark cloud pattern.

RSI & MACD are bullish though RSI in overbought region.

Currently prices are supported by 200 days MA at $1.23

Immediate Resistance of Yangzijiang: $1.32

Immediate Support of Yangzijiang: $1.23

There has been mild selling pressure on Friday as investors took profit off the recent gains.

Too late to buy now on the overbought market.

Stock Chart: Noble Grp, Yangzijiang! is contributed by : Singapore Stock Information Exchange

In last week, STI gain 42 points from the opening of 2918 and close higher at 2960. A white candle sticks with long upper shadow affirms that rally was lack of conviction as there are strong profit taking.

Key Economics Data report:

On Friday, US Stocks finished with the biggest decline of 2012 and a spike in the VIX, volatility index, which was above 20 for the first time in nearly a month.

The Greek parliament will be expected to vote on new budget and austerity measures, against a backdrop of striking and protests. The Parliamentary vote was expected Sunday or Monday.

EU finance ministers will then meet to approve the Greek budget proposal Wednesday, which would clear the way for a $170 billion Greek bailout and allow it to avert default.

Technical Analysis on STI

STI index re-test the critical resistance at 3005 in this week but failed to break out.

1) In weekly chart, a white candle sticks with long upper shadow similar to a “shooting star” indicates that the pullback may be near.

2) The weekly trading volume jump higher as big players start to pull out their profits.

3) MACD and RSI indicators are bullish as RSI trend upwards.

4) STI is currently supported by the major support at 2936

5) The major resistance at 3005 is likely to cause a lot of issues to the bulls.

Important resistance of STI: 3005 (Daily charts)

Immediate Support of STI: 2936 (Daily charts)

MY tactics: This is the 6^th consecutive week of white candle stick and we could see that the rally is getting weaker on each consecutive week. The possibility of STI not able to break the resistance at 3005 is high and thus we would advise to sell if vested.

Market Outlook (11/02/12): Stock Pullback Expected! is contributed by : Singapore Stock Information Exchange

On 10/Feb, Singapore shares ended lower after euro-zone finance ministers withheld approval for a second bailout in Greece.

STI ended lower at 2960.00 (0.7%) with HIGH VOL of 3.07 billion shares traded compared with 3.26 billion shares Thursday. In the broader market, losers outnumbered gainers 313 to 171. Today STI continue to undergo profit taking after recent market gains.

Headline in STI

Before market close

DBS Group Holdings Ltd. (D05.SG) 4Q net profit rose 8% to S$731 million compared with S$678 million a year ago as strong loan growth continued to drive the bank’s net interest income.

After market close

CapitaMalls Asia Ltd.’s (JS8.SG) 4Q net profit rose 42.6% to S$205.4 million compared with S$144 million a year ago because of higher rental revenue from its mall in Malaysia and increased contributions from its fund-management entities.

Technical Analysis on STI

Immediate Resistance of STI: 3005

Immediate Support of STI: 2936

MY sentiment on STI: See market outlook tomorrow

CapitaMalls Asia 4Q net profit rose 42.6% to S$205.4M! is contributed by : Singapore Stock Information Exchange