Straits Times Index - Crucial Day!
STI is at trendline support. Today's closing is very critical ! If it closes higher, we may resume the uptrend from here. If it closes lower, this may be the first sign of a trend reversal. In technical analysis, we should always assume the existing trend holds until evident of a reversal. Up until yesterday despite the continued selling, we were fine ( simply put, it was a healthy correction ). But if the trendline is unable to hold, this will be the first sign of trouble ( it will be an unhealthy meltdown ).
As of 9:30am, STI is in positive territory. We need STI to hold on to the gain till end of day. Next week, there will be window dressing by the fund for both month end & quarter end. So I hope STI can hold on to the trendline....
As of 9:30am, STI is in positive territory. We need STI to hold on to the gain till end of day. Next week, there will be window dressing by the fund for both month end & quarter end. So I hope STI can hold on to the trendline....
Labels: Market Direction
posted by Market Wizards @ June 19, 2009
Comments: 0
