3 Jun 2008

Reported on 0830hrs SGT
GY
Looking at the daily chart.
First WMA5 sandwich between EMA200 and EMA100. It rebouded off 209.4 and headed towards EMA100 for a conolidation.

Price now well supported at EMA21/EMA55 at 205. A more support is that yesterday low tested the Fib retracement line at 204.4 and rebound.

CCI pointed down.

What is the trend? Yesterday was a big drop, though the price was supported well, the WMA5 has still room to move down towards EMA100. As such, GY may continue to hit low at 204.4 and 203.3. A likelihood a formation of a doji, before a sure rebound up.

The 1 hour chart gives a signal of where the resistance is - EMA200 at 207, before 209 (Fib retracement)