RSI Stood The Test !
Welles' RSI stood the test time and again ! The bearish divergence spotted on June 2 has finally kicked into action. Admittedly, my confident level was shaken along the way and thought that I have read the market wrongly ( this is apparently one of my many weaknesses in trading ! ).
The next characteristic of RSI is that the mid-point ( 50 level ) will often act as support during pullbacks & resistance during bounces. We are closed enough to 50 right now ( 52.64 ). Let's see if this works ! I think the chances is high from the perspective of candlestick too. Today's closing look like a possible reversal day !
The next characteristic of RSI is that the mid-point ( 50 level ) will often act as support during pullbacks & resistance during bounces. We are closed enough to 50 right now ( 52.64 ). Let's see if this works ! I think the chances is high from the perspective of candlestick too. Today's closing look like a possible reversal day !
Kepland :
Admittedly, the weekly candlestick chart ( and the monthly too ) are not so nice ( shooting star ). That's why this counter was heavily beaten from $3 to an intra-day low of $2.17 today. The closing today sat at Fibo 61.8%. Candlestick looks like a reversal pattern. Hourly chart has just turned bullish. I am hoping it has hit the bottom and will reverse from here.
SingTel :
A few words about SingTel .... This counter has always been "used" by the invisible hands to lift the market on a heavy down day. It rose from $2.89 to $3.05 amid the sharp plunge of the index. Take a look at the chart, this is not an isolated case. Take a look also at the weightage of SingTel in FTSE STI... the answer will unfold.
Labels: Market Direction
posted by Market Wizards @ June 16, 2009
Comments: 3
