Morning look – STI – 13th May 2009

Good morning all. A quick peek at the STI since i have 5 mins or so today. I haven’t looked at numbers yet ,but I have been triggered to watch out for noble.

From the charts, a brief and very small bull flag formation to me. Small but nonetheless one to me. Healthy retracement should end at 50% retracement at around 2040, as well as 200MA below. Last line is 1980 for 20MA, breakout resistance turn support as well as 61.8%. For market to remain bullish this line should not be breached.