Seems like a breakdown of the 3375 – 3380 support for the STI INDEX AS mentioned yesterday !
STI has traded sideways in a slightly downward fashion over the past 2 weeks and it is back to the support at 3375 – 3380. This was originally the resistance since Aug last year before it broke upwards in Jan and headed to a high of 3458. Any weakness seen below these 3375 level can see some downside to 3300 to 3320 where we can find the 100 day and 200 day MA line support. Those to accumulate blue chips on dips can consider around these level. Technical indicators looks weak at the moment and reversing downwards but more confirmation needed below the horizontal support levels.
Sent: Monday, January 26, 2015 10:41 AM
Subject: ********************** STI Direction: New recent high seen, can it continue ? STI NOW 3398
Subject: ********************** STI Direction: New recent high seen, can it continue ? STI NOW 3398
Sti has broken above the 3390 resistance level which was the high seen in August last year. This can be a sign of renewed strength as long as 3380 – 3390 becomes the new support level. Range can be to 3450 – 3460 in the short to midterm. It has been supported above the channel support line and rebounded from it 3 times before clearing above the horizontal resistance at 3390 last Friday which can a positive signal. 200 day MA line still sloping upwards gradually as it consolidates. Any break below 3380 can see it trade back down to 3350 then 3300 again.
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