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We all know that the STI is still overbought and based on technical indicators - the next major resistance to the index is at 2300. I was looking for a 10% correction to about the 1900-2000 level and am still waiting for this to occur. While waiting, I decided to use another approach see next para.
Rather than use technical indicators to tell us where the STI Index is going, I have decided to try another method, ie to take the highest price target of 8 key STI Index stocks and find out where the STI Index will be if these price targets are achieved (this is very aggressive because some analysts forecasts are way out of wack with the rest) and also where the STI Index will be using the average price target of analysts for May after the Q1-2009 reporting season. The results are in the table below. For my reference point, I used the STI Index at 2229.5 at 9.21am this morning. Read more...[caption id="attachment_2487" align="alignright" width="150" caption="Photo by oddsock"][/caption]
We all know that the STI is still overbought and based on technical indicators - the next major resistance to the index is at 2300. I was looking for a 10% correction to about the 1900-2000 level and am still waiting for this to occur. While waiting, I decided to use another approach see next para.
Rather than use technical indicators to tell us where the STI Index is going, I have decided to try another method, ie to take the highest price target of 8 key STI Index stocks and find out where the STI Index will be if these price targets are achieved (this is very aggressive because some analysts forecasts are way out of wack with the rest) and also where the STI Index will be using the average price target of analysts for May after the Q1-2009 reporting season. The results are in the table below. For my reference point, I used the STI Index at 2229.5 at 9.21am this morning. Read more...
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We all know that the STI is still overbought and based on technical indicators - the next major resistance to the index is at 2300. I was looking for a 10% correction to about the 1900-2000 level and am still waiting for this to occur. While waiting, I decided to use another approach see next para.
Rather than use technical indicators to tell us where the STI Index is going, I have decided to try another method, ie to take the highest price target of 8 key STI Index stocks and find out where the STI Index will be if these price targets are achieved (this is very aggressive because some analysts forecasts are way out of wack with the rest) and also where the STI Index will be using the average price target of analysts for May after the Q1-2009 reporting season. The results are in the table below. For my reference point, I used the STI Index at 2229.5 at 9.21am this morning. Read more...
