DJI made a fierce rebound on 31 Dec 12 upon nearing its low of 12,818 on 30 Dec 12, 7 pts away from its support of 12,811. The market respect the support very well on this occasion which coincided with the announcement pertaining to the fiscal cliff. This was followed by gap up on 2 Jan 13.

I quote my comments for DJI on 28 Dec 12 – “The Dow had a -158 on 28 Dec 12, Friday. It closed at 12,938 below the 13,000 pts which it has held above consistently for the past 1 month. DJ is still bullish at the moment while making retracement. Currently near to fibo 50% of the previous swing which is at 12,916. The index will likely to reverse at about this level or at the next lower support at 12,811.”

This counter demostrated a very good uptrend for the last 6 months, since June 12. From the low of $1.44 to $1.915 (31 Dec 12), it has already made a return of 32%.

STI closed at 3,163 for the year of 2012 after experiencing some profit taking today. The index made a new high of 3,195 yesterday (30 Dec 12) but was unable to hold and retraced back to my earlier resistance level of 3,160-3,168. I would expect the index to continue with consolidation for the coming week before making its new direction. Of course, the market will be awaiting for news pertaining to the fiscal cliff.

Kepland still experiencing consolidation with the new support of $4.01 and resistance of $4.2 as shown.

The Dow had a -158 on 28 Dec 12, Friday. It closed at 12,938 below the 13,000 pts which it has held above consistently for the past 1 month. DJ is still bullish at the moment while making retracement. Currently near to fibo 50% of the previous swing which is at 12,916. The index will likely to reverse at about this level or at the next lower support at 12,811.

The charts are self explanatory. Basically, Olam is supported and it likely to reverse trend. We shall need to observe a few more candles. As for Kepland, it has broken previous resistance but the candle wick don’t look good and has shown sign of an exhaustion.