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As bearish as it gets
 
Singapore

STX PO
 
With a slowing economy, demand for goods and commodities is likely to decrease and thus shipping industry may see lower earnings.  We are going to discuss on the technical chart of STX PO next as we observe a classic trading pattern known as the descending triangle forming at the point of writing this article. Descending triangle is bearish in nature and if the price breaks out of this pattern, the first technical target will be $1.63 thereabouts. It is currently flirting around the $2.20 support which happens to be the 2008 year low. The breakout of this pattern will be even more bearish as many market participants will be watching this support level closely. This is because if the price does break lower than this level, it may trigger many investors to sell.
 
 
This article first appeared in Smart Investor, November 2008
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