Short Term Bearish, Long Term Bullish
Short Term :STI is facing some selling pressure in the near term and may retest the support level at 3,120.
Long Term :
On the Point and Figure chart, a price objective is able to be determined:
[ 26 x 10 x 3 ] + 2920 = 3,700
This is a very ambitious target where I do not know whether to believe it or not. On the safe side, I will just take it as that the long term view of STI is bullish but I will not hold 3,700 as the absolute target. Furthermore, Point and Figure charting method does not provide time frame for the price target. So the 3,700 price objective could be after many whipsaw of up and down.
Long Term :
On the Point and Figure chart, a price objective is able to be determined:
[ 26 x 10 x 3 ] + 2920 = 3,700
This is a very ambitious target where I do not know whether to believe it or not. On the safe side, I will just take it as that the long term view of STI is bullish but I will not hold 3,700 as the absolute target. Furthermore, Point and Figure charting method does not provide time frame for the price target. So the 3,700 price objective could be after many whipsaw of up and down.
Labels: Market Direction
posted by Market Wizards @ April 18, 2011
Comments: 0
