Wall Street Near Support
This may be good news since STI & Asian bourses often take cue from US market:
Dow ( Closed 8,339 )
- supports at : 8,220 / 7,800. RSI already in over-sold ( 25% )
Depending on the time frame we are looking, last night's closing was a support itself confluence by two Fibo level ( 50% & 23.6% ).
S&P500 ( Closed 893 )
- supports at : 880 / 830. RSI already in over-sold ( 27% )
Locally, STI has broken the uptrend line established since March 10. 40 days simple moving average was violated too. RSI has not reached oversold yet ( 45% ). Using trendline as a mean to determine the price objective, the target shall be :
2,424 - 2,265 = 159
2,265 - 159 = 2,106 ( or in round number 2,100 )
If it is going to happen this way, it is not going to happen tomorrow or within 2 ~ 3 days but probably the next 2 ~ 3 weeks ( in between there will be technical rebound creating confusion on this stance ).
Dow ( Closed 8,339 )
- supports at : 8,220 / 7,800. RSI already in over-sold ( 25% )
Depending on the time frame we are looking, last night's closing was a support itself confluence by two Fibo level ( 50% & 23.6% ).
S&P500 ( Closed 893 )
- supports at : 880 / 830. RSI already in over-sold ( 27% )
Locally, STI has broken the uptrend line established since March 10. 40 days simple moving average was violated too. RSI has not reached oversold yet ( 45% ). Using trendline as a mean to determine the price objective, the target shall be :
2,424 - 2,265 = 159
2,265 - 159 = 2,106 ( or in round number 2,100 )
If it is going to happen this way, it is not going to happen tomorrow or within 2 ~ 3 days but probably the next 2 ~ 3 weeks ( in between there will be technical rebound creating confusion on this stance ).
Labels: Market Direction
posted by Market Wizards @ June 23, 2009
Comments: 0
