 (Updated 28/3/99)  N.B. Above Chart is abstracted from Metastock Program Last week STI index was indeed performing in according to our expectation. In our last week preview, we said that STI would probably continue its lethargic manner in the early part of the week and stay within the range of 1430-1500 level on consolidation while waiting to move one way or another. STI did stay within the range and only managed to break above 1,500 on Thursday. However, the break out was quickly reversed on Friday, mainly on profit taking before the long week end emerged. With Monday and Friday as public holidays, this week trading days are rather short, and should not expect too much activities in the market. So, what should we expect for the coming week? So long as there is no drastic movement in Dow Jones Index, expect STI to stay firm throughout the week with support at 1480, however, any rally will probably be capped at 1580. On sectors basis, properties remain to be the strongest with multi industries the close runner up. However, with yesterday announcement on the improvement in February manufacturing figure and some better than expected results from electronic companies, such as Magnecomp etc, perhaps there will be some catching up movement on the Manufacturing and Electronic counters for the coming week. It looks to me that we have now completed wave (B) of ((B)) and is now going through wave (C) of ((B)), which is expected to be in a form of 12345. We may have gone through wave 1, 2 and 3 of wave (C) and is now in the process of completing wave 4. Expect market to consolidate over the coming week to form wave 4 before a final wave up towards 1,530-1,580. Alternate count, suggest that we have just completed Wave (2). A completion of Wave (2) will follow an impulsive Wave (3). So, whether it is a preferred count or alternate count, both suggested that we are still in an uptrend for the coming week, until 1,425 is broken.
Events To Watch For The Coming Weeks/Months
|