As indicated in my chart, if it doesn't close above its 200MA, there is a high chance that it is going to its next resistance line and today's closing indicates a higher possibility! US markets have opened and the market doesn't bold too well. I will change the timing of my posts, as not to confuse people as posting during the trading hours may be confusing. I will try to post before the opening of the STI and after closing of STI, and before the opening of the US markets.
With YEN/USD trading at 110.27-110.28 - 0.38, it is slowly declining again and with US markets not performing well at this point of time, I will post my thoughts tomorrow morning on the US markets. As they are having their holidays now, I'm not too sure on what is the volume traded and I will only be able to see in the morning.
As for celestial, it seems to be a technical breakdown with its closing at $1.23 today. From the channel I have estimated, it has closed below the channel and the next resistance point is at $1.19 - $1.17 (23.6% fibonacci line). It is now not very advisable to enter this counter as there is a higher possibility of a breakdown to that level due to market sentiments. Here is the chart for Celestial:
Even though the market is crashing downwards, it also indicates another buying opportunity for the undervalue counters. I hate to say this, but the money every individual makes is just from another individual.
I just met up with a financial planner, which was one of the forumers from CNA. He had some very insightful thoughts and plans on the market which is very important. Planning is very important as if going in the market without a plan is like going for a marathon without any training!
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