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Sunday, July 24, 2011

STI - Bullish Breakout

Finally! STI has managed to breakout from the major downtrend line, which is also the upper boarder of a symmetrical triangle. The upside target is 3,650. It is likely to see some profit takings in the upcoming sessions, a good time to buy on dip.

On the mechanical long term chart, the index has turned bullish too :

The Point and Figure chart is showing the same bullish sentiment with a target of 3,700 as previously stated :

Note : In regard to the target, I have mentioned many times here. It should not be taken as a straight target that will be fulfilled without any interruption of the bears. Market is going to move up and down before reaching the target eventually ( it may take months ).