Due to good news of Dow Jones, Asia market was lifted for the past 1 day. It has somehow halted the retracement/ profit taking and invite a buying volume. I would say the price is still consolidating and will be bounded by its resistance at 3,320-3,340 (inside the bigger channel) and its support at 3,160-3,170. Investor has to be patient and see how the index develops before opening a trade. I will only enter either when it is at its support or when price break out from resistance (3,320 – 3,340 or upper channel line) with strong momentum. At the moment, some stock counters rebounded while some still displaying reversal patterns.
At the moment, it seems to me that the market is moving sideway with no clear signal.