SGX

Commentary:

Intermediate to long term prospect remains bleak for SGX where price action has been downtrending since last Dec 07. The possible continuation of short-term strength will depends on if price action is able to penetrate 5.60 on a closing basis.

Strategy:

Based on above negative commentary on longer term prospect, Short-term agressive traders can consider initiating Long Position only if $5.60 is taken off with tight cut lost point in place. Do take note of the resistance at prior high ($5.70) and MA50 ($5.80). Traders are strongly encourage to take partial profit at the various resistance level mentioned. If trading against main trend does not appeals to you, consider- Avoid.