Singapore Stock Market News
Asia Technicals Strategy - Charting The Course
StockFanatic
Publish date: Wed, 07 May 2014, 04:24 PM
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| MXAPJ Weekly Chart (Figure 3) |
MXAPJ's inability to get past the strong 485-492 resistance zone and underperformance in the last 3-weeks is challenging a bullish absolute and relative view. Despite this weakness/ under-performance, momentum remains supportive and we would retain long/ outperformance positions with stops at 460 (current 475) and 27.4 (on relative index, vs. 28.2 currently).
Ultimately a stronger upside will remain hostage to a clear breakout above the 485-493 resistance levels.
In the meantime, keep the faith and use rotational opportunities -
Top Outperform - India, Singapore, (Countries) and Energy (sectors).
Top Underperform - China, HK (Countries) and Cons. Disc. (Sectors).
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