Quick Review: DOW, AU, Korea, STI, Petron (PCOR)

DOW Jones Daily (above), S&P and Nasdaq reached April 2011 highs, and is poised to breakout anytime soon, but 3 of the major indices of U.S. in Negative Divergence. Charts are going higher and higher, but MACD and RSI is getting weaker and weaker, must be a sign that a good correction is coming to the circle area. 12300-12600. A good 3-8% correction is healthy to this market.

Quick forecast on this market : correction first, before a confirmation of breakout can happen in Q2,Q3.

AU is still in a diagonal triangle, and is gathering strength to breakout of the range. A fall below near the 4200 area is a good tradable BUY. A fall below means a revisit to 4000 or even 3800.

SG broke out 2905 diagonal triangle resistance, when U.S. correct, SG index may be back to that 2905, and serve as a good support. This index is still at 7x P/E, cheapest among the Asian countries.

Korea still is in long term uptrend, and broke out also of the 1950 diagonal triangle resistance, it is now at 20xx and a pullback to 1950 is a good support.

PCOR broke down the important 10-10.5 support, and dropped to the RED zone. Currently, based on charts, it is hard to assume where can the support be, as the gap from 7.5-9.8 is huge, and hard to assume from that 20% range the support can be. If it dropped to 7.5 level, surely, I am the one who will accumulate this stock. At 9.5x P/E, I am tempted to accumulate this stock rather than SMC. Just take note the 11 price ceiling, where PCOR still needs to sell around 800M shares to fund retirees.