Stock correction unlikely to start in this week!

On 29/Apr, Singapore shares ended higher Thursday among major Asian share markets which ended mostly lower as concerns about Standard & Poor's downgrade of Spain's sovereign ratings by one notch Wednesday.

STI ended 26.97 points (0.9%) higher at 2959.01 points with 1.9 billion shares traded compared with 1.7 billion Wednesday. In the broader market, gainer outnumbered loser 276 to 186. Though today VOL is higher but it is largely contributed by the high demand for Genting after the counter got upgraded by CIMB and Deutsche Bank.

Still, the short-term technical outlook for Singapore shares remains "somewhat murky" with Greece's debt problems still expected to pose risk, according to a Phillip Securities note to clients. "It would take a close above 3000 (for the STI) at this point for us to consider if risk appetite is coming back."

Today Genting closed 8.7% higher at S$0.94 with EXTREMELY HIGH VOL of 0.34 billion shares traded. This move comes after the upgrade of the stock by CIMB and Deutsche Bank.

Important Resistance of Genting: $0.97

Immediate Support of Genting: $0.835

RSI: In bullish zone of 62%

MY sentiment on Genting: This counter creates a very strong upside move today but $0.97 will be a strong resistance and profit taking may come along the way. Do not encourage to enter at this point of time.

MY sentiment on STI: Ground getting shakier as investors is unclear of the market situation but we are not too worried as to have a correction starting in this week. Just hold your ground and prepare to sell in MAY.