STI - Who to believe?

Today is a very interesting day. OCBC chartist Ritesh Menon issued a bearish "SELL SELL SELL" call on Wave 3 correction STI and at the same time, K Ajith from UOB issued a "BUY" triangular breakout target 2520. hahaha. Who to believe?

This morning, i thought Ajith was right by lunchtime, i thought Menon's view is also not totally illogical. A look at the charts of UOB, DBS and OCBC also present conflicting signs. UOB looks bullish, DBS looks toppish and OCBC looks range bound. Urggh....

My favourite rule is "when in doubt stay out"... as mentioned in my earlier postings, this period is not easy to trade. It will be a good market for the nimble traders.

With regards to my view, i will take no position as to who is right (since market is always right) but watch the 2400 support and 2450 resistance closely. A break above 2450 will head towards the 2580 level while a break below 2400 will mean that the support at 2280 is under threat again. Take care as even the signals are mixed. I guess this reflects somewhat the minds of many people now.