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Thursday, April 8, 2010

Market View

Straits Times Index
STI has risen 109 points in 4 straight sessions prior to today. The retracement we see today is to correct the overbought situation and RSI divergence. I believe this is healthy and provide good opportunity to buy on dip based on Swing Trade setup ( when prices dip to buy zone between 20 & 40 MA and CCI < -100 ).



The long term trend of STI is still bullish. I believe it will retest 3,000 in the near future and thereafter head toward 3,200.




DJIA
ADX is showing sign of over extended while RSI exhibits a minor divergence. Key support at 10,770.

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posted by Market Wizards @ April 08, 2010 Comments: 0