Profit taking for STI after recent strong gains!

On 15/Apr, Singapore shares ended flat Thursday as investors took profit after yesterday's rally.

STI ended 2.8 points (0.1%) lower at 3016.94 points with 2.27 billion shares traded compared with 2.56 billion Wednesday. In the broader market, losers outnumbered gainer 318 to 242. Overall investors took a breather, cashing in some profit especially in commodity stocks and Cosco Crop, Neptune Orient Lines in today trading session.

The market started off higher as strong overnight gains on Wall Street and data released during the day that showed China's economy grew at a brisk 11.9% from a year earlier in the first quarter, ahead of expectations. China consumer price index rose 2.4% in March from the year-earlier, lower than February's 2.7% increase and also below economists' expectations for a 2.6% rise.

After days of strong gains, profit taking sent shares of Cosco Corp and NOL approximately 4 percent lower as I have warned our investors on Tuesday. 

Cosco Crop has failed to break the resistance at $1.82 and closed at $1.75 with HIGH VOL of 61 million shares traded.

Retained my previous view of Cosco on Tuesday

Important Resistance of Cosco: $1.82

Immediate Support of Cosco: $1.54

RSI: Oversold @ 87%