STI climbed 2.4% to 2,793.34 with high volume which is a good sign that market has stabilised for now. Buying Momentum is good today which is expected to carry through the next few days. Bargain hunters who has loaded last week are seeing substantial returns just as the market has flushed out contra and weak punters. Therefore rule of thumb applies to holding power in a bearish market.
Alot of people debated on the recovery of STI in the midst of the crisis but today STI was testing 2,800 resistance and well above 200 MA at 2,784. A double bottom has formed instead of pennent..
Top performers among STI components include Noble Group (N21.SG), +4% at $1.82, NOL (N03.SG), +3.8% at $1.90, UOB (U11.SG), +3.3% at $19.06, OCBC (O39.SG), +3.4% at $8.53.
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