This is an intraday pattern trade. First, negative opening of Nikkei and HangSeng gave me a direction of the day. I would prefer trading on the Short side today. A descending triangle was formed which supports the negative sentiment.
Here is a 12-min chart for the morning session.
The view of choppy day was built when observing positive Nikkei and negative Hang Seng during morning session. These two leading indices in regional market are contradicting and it was likely to pull down SG market , especially when market is attempting to recover from recent loss.
Though Nikkei showed strong gain during afternoon session , HangSeng still failed to follow. From these observations, SG market is unlikely to have impressive gain.
I saw DataCraft and Statchipac as interesting shorting candidate for 24-May-2006. Position has not been established yet. As market tends to be moving sideway. Nikkei is trading is positive territory as well. I would like to watch further before taking any action.
Datacraft daily chart
statChipac daily chart
