(Updated 6/12/98)

N.B. Above Chart is abstracted from Metastock Program

For investors who had positions, I hope you did take my advise to sell on rally last Monday and Tuesday, while the index was above 1400.

Last Friday's rebound from the low of 1318, should see the carry through on Monday. However, it should meet strong resistance at 1360-1370 level. If index is capped below 1370, we will remain bearish and look for the continue correction towards 1250 and below. A break above 1370 will put us into a neutral position and wait for further market signal to give us a direction. Only a push above 1400 with good volume will turn us bullish again towards 1500.

For investors who are still holding positions, I am still recommending to sell on rally. And for investors who have no positions, my advise is to continue be patience while waiting a bigger correction to unfold.

Support 1320, 1270-1250, 1180, 1160-1140, 1080, 980, 880
Resistance 1360-1370, 1430-1450, 1500, 1700

Events To Watch For The Coming Weeks/Months

  1. The movement of US stock market.
  2. The stability of Regional and Singapore currencies
  3. Regional stock markets movement.
  4. Singapore 3 months Inter-bank rate.