STI Analysis ( Nov 28 ~ Dec 2 )
The Straits Times Index is facing two possible scenarios:
1. An Inverted Head & Shoulder Pattern ( Bullish ):
2. Trapped Within a Large Downtrend Channel ( Bearish ):
Within the next 1~2 weeks, we will know which of the two scenarios will come true. What we need to watch is whether prices will rebound from here and break above downtrend line 1 - this is the first foray toward an Inverted Head & Shoulders Pattern. On the other hand, if prices continue to dip ( most likely after a short-lived rebound since the market is quite oversold now ), this will indicate the market is opting for scenario 2.
Labels: Market Direction
posted by Market Wizards @ November 26, 2011
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