Key levels to watch:
- SGX may rebound from $7.701 (78.6% FR level) but it is important to see whether SGX can break the 50D MA resistance (at about $7.90). Base on the current sentiment in financial sectors and Eurean PIGS debt crisis, it is unlikely to happen base on my opinion. However, I can only trust the chart more than my opinion base on my last lesson learnt.
- If $7.701 support is broken, the near term support is the down trend support at about $7.30. This support may not be strong because it is not very obvious. SGX may go down to $6.878 (61.8% Fibobacci Retracement Level) if this weak down trend support is broken.
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