20 Mar 2008

Report at 1030hrs SGT
GJ
Yesterday dip after bouncing off the 201 mark, showed that the dive is still strong.
Looking at the daily chart, it could mark a formation of a B-wave and awaiting for a big C-wave down.

Taking a Fibonacci retracement from high of 18 Mar and low of 16 Mar, the support retracement is at 186.6, then 177.4

Today support is at 192.5, a failure in this line will be a confirmation of the C-wave down.

On the reverse, resistance is at 199.6, EMA200 (1 hour chart). 200 is a strong line to break and that will bring hope for a strong upward movement.

GU
GU will continue to move down, gaining support at 1.970, before going to 1.930. Fibonacci retracement from daily chart (High of 14 Mar and low of 5 Mar)

Resistance will be at 1.989 (EMA55 daily chart) and 1.997 (EMA200 daily chart)