As expected, due to dow's weak performance last night, probably due to rising oil prices again, and profit taking, asian market is feeling the heat as well. STI, with a drop of 0.77% today, is showing mixed results in my portfolio. As of now, most of the counters are picking up again after a morning slight profit taking.
YEN/USD currently at 111.35-111.36 - 0.02, which is increasing slightly, signifies a better chance that the stock market may recover too. It still depends on various indicators. Tonight, the release of the CPI results in US will determine the direction, and with friday coming, traders in US to close their portfolio (options expiration (I'm not sure whether it's spelt like this)), certain stocks will be suffering while others get the boost. Well, traders won't want to hold speculative or lousy stocks in their portfolio don't they? :)
As for celestial, I feel that it is almost time to buy in. It seems that it is starting to consolidate and pretty low volume for the day, and trading within the channel of $1.30 - $1.32. When it touched $1.29, it was covered back and when it hit $1.33, the seller queue increased. I will go back tonight and see the charts and determine a good entry price. Celestial didn't have much of a volume today, and the volume was just small buys and sells, and not really much of a movement. YZJ didn't have much of a movement, a drop of 3cents at this moment, probably profit taking.
After watching the video from inthemoneystocks.com in youtube, I've learned another technical analysis tool which is the 2 candle sticks. Probably there's a term for it, but I do not know what it is called, but understanding the fundamentals is more important and it made me understand the movement of celestial better as well. I will post the chart tonight and explain more in details.
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