Long term trend in STI remains down, as show by the previous 3 weeks' candle. Failed to convincingly clear above the downwards-slopping 20-week moving average.
Resistance for STI remains at just-broken-down level of 2790-2800. The BULLS has shown weakness for the past few trading sessions as they didn't manage to clear above the 2900 resistance level.
Minor support at around 2750, which is the 50-days moving average on the daily chart. A drop below the low of the last bullish candle at 2744 (as shown on the chart) would be a psychology blow to the BULLS. Next support would be around 2680-2700 level. Failing to stay above the level would see us testing 2600 again.
Short term: Turning Bearish
Mid term: Neutral with chance of downtrend resuming.
Long term: Remains bearish, chance of trend reversal now minimal.
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, November 10, 2011
STI Weekly Chart 09/11/2011
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