Just a quick post for today, the US markets took a quick move up again and all are anticipating for the rate cut news coming next week. Tonight, there will be some jobs figures release and in my opinion, it would probably not affect the market that much unless the figures are too unexpected.
As I mentioned earlier on Celestial, it seems that it was unable to break past and close above the 20MA which was at $1.24, which in turns, it closed at $1.20 yesterday. Looking at the charts today, all the indicators, including RSI, MACD and stochastics are showing an uptrend and the current resistance point is at $1.20. For the past 2-3 days again, STI has been showing a tremendous move up again, with all the various blue chips pushing the index. As blue chips are in play, penny stocks and the others will not have much of a movement. However, there is 1 thing to take note, is that I have read in the forums that one of the financial institutes are selling the stocks. I have no idea how they got this news, and I will try to gather more information with regards to this. My take on Celestial is still quite good, taking on the impression as well, with alot of China stocks in play in the US as well. From the charts, it can be seen that it moved down from its high of $1.75 to its current price of $1.21, with no bad news or whatsoever! One thing to take note is the market sentiment, which overbuy or oversell the counter. In my opinion, I feel that Celestial has been oversold and it is just waiting for the market to realise it and it should move back to its $1.40-$1.50 range. Taking the opening price in the 1st day of 2007 at $1.52, I'm not surprised it should close near to this price for the end of the year.
Some other information, YEN/USD is at 111.33-111.36 + 0.44, which is showing a slight uptrend rebound.
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