The stock market volatility continued to haunt market traders. Dow surged from 7509 to end at 8046 in the last hour of trading. News that newly elected US president is getting Timothy Geithner as treasury secretary gave traders a reason to buy up battered stocks.
The show of strength should spur Singapore’s market come Monday. Keppel Corp, once a market darling, has come a long way down since October 07 high of $15. The stock closed at $4.60 on Friday.
The stock price managed to hold on to the 61.8% re-tracement level of the recent up moved that saw the stock moved from $3.35 to $5.62 in 6 trading days.
If the stock is able to move above $5.62, the Fibonacci objective is at $6.57. If it breaks below $4.19, it is likely to retrace all the gains made and re-test the low of $3.35.
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