A possible breakdown for HSI from a top formation crucial support of around 22400. It gapped down below the support level and it remains to be seen if it can close above the level today.
Upon breakdown, the ultimate breakdown target would be around 19800, although 21000 could also offer some support.
Nevertheless if the index can close and stay above 22400, the 1st immediate resistance could be see at around 24000 (the high formed on the 9th March 2011).
Short term: Bearish
Mid term: Bearish
Long term: Turning Bearish
DISCLAIMER: The opinions expressed in this blog are purely my own analysis of the market, and should not be taken as a purchase or sell advice. I am not responsible for any profits or losses should you act on my views.
Thursday, March 17, 2011
Update HSI 17/03/2011
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1 comments:
STI rebounded off it’s support around 2919 on it’s last trading day on a downtrending week. On the technical charts, STI seems poised for a short term technical rebound. Hope the STI can rebound from here and move upwards.
More on the STI here
http://sgsharemarket.com/home/2011/03/sti-poised-to-rebound-from-support/
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