9 May 2008

Reported at 0730hrs SGT
GJ
After a day of drop, which pushed WMA5 way below EMA21, EMA55, GJ was supported at 203.0 and 202.6. The struggle was evident in the 1 hour chart with 202.6 tested 3 times yesterday.

Will the down trend continue?

Looking at the daily chart, CCI has yet to go into oversold and the downtrend may continue. In such a case, support is at 200.8 using Fib retracement from 2 May peak and 16 Mar low.

On the other end, resistance is at 204.5 (EMA55), 205.2 (EMA21 and Fib Retracement line), then 206.7 (EMA100).

GU
GU went into an oversold position and showed signs of reversal).

At the 1 hour chart, a double bottom was form and price has been climbing.

Resistance is at 1.9580 (EMA55 1 hour chart) and 1.9620 (EMA100, 1 hour chart).

Support is at 1.9500 (low 7 May), then 1.9400 (low 20 Feb)