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Wednesday, March 23, 2011

STI Approaching Resistance

Despite the good showing the past three days, STI cannot be considered out of the wood until it is able to clear the three trendlines ( A, B and C ) as shown in the chart below. Trendline A is the most important, it is the key resistance at 3,040. A reversal from this level signifies the downtrend is still intact. A break above this level denotes sign of strength. Once trendline A is cleared, STI needs to also clear trendline B which is a downtrend line. When both trendlines A and B are overcome, the uptrend has resumed. Let's see how the market is resolving itself -- Posted from Penang.


IndoAgri is attempting to break the downtrend line. If successful, it will mark a turn around of sentiment to bullish !

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