STI is on a strong technical rebound after a heavy selloff. On the daily chart, it looks set to test 2790-2800 resistance level.
On the weekly chart, a reversal candle is on the verge of confirmation due to this week's strong rebound. A rally to test the initial breakdown level of 2900 looks to be well underway.
However, long term trend is still down. STI should be heavily resisted at 2900 level. A trend reversal can only be considered if STI miraculously cleared above 2900.
Short term: Bullish
Mid term: Slightly Bullish
Long term: 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, October 13, 2011
STI update 13/10/2011
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1 comments:
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