STI consolidation is more than a month old already. STI Tenken sen (blue line) is now at 3154 while Kijun sen (red line) is leveling at 3147. The blue line has moved slightly above the red line which indicates some bullishness. STI is still not considered out of the consolidation phase until we can see a bigger difference between the two lines. A significant event for last week movement is Span A has crossed above Span B line which signifies a new uptrend move. The two Span lines should diverge while moving up together as a strong signal to a new up trend. The near term support (Span A) is now at 3101 while the stronger support level (Span B) is at 3083.
Bollinger Bands (weekly)
The weekly chart has not indicated a new up trend yet. The candles of recent fews week are still hovering above the middle band of 3135 which will provide the first support level. If this support is broken, STI will go lower towards the 2957 support level of the lower band. A uptrend move will need it to break the resistance level at 3312 as confirmation.
Disclaimer: All info posted is for reference only and not an inducement to buy or sell shares. You are solely responsible for your own actions.
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