Ichimoku Cloud (daily)
STI Tenken sen (blue line) at 3126 and is very close to the Kijun sen (red line) at 3128. STI is now positioned inside the cloud, which means it will be facing a strong support at 3065 and a resistance at 3143. If 3065 is broken convincingly, it will become the start of a new bearish trend. Longists will have to monitor the level carefully to determine if it is a false break down or a new down trend has started.
STI Tenken sen (blue line) at 3126 and is very close to the Kijun sen (red line) at 3128. STI is now positioned inside the cloud, which means it will be facing a strong support at 3065 and a resistance at 3143. If 3065 is broken convincingly, it will become the start of a new bearish trend. Longists will have to monitor the level carefully to determine if it is a false break down or a new down trend has started.
Bollinger Bands (weekly)
Weekly STI has dipped below the middle band at 3118. If this support is broken, STI may go lower towards the 2952 support level of the lower band. From the past few weeks, STI has went below the middle band twice including last week data and both lows are at about 3077. As such, it can potentially become the start of a new bearish trend if this 3077 support level is broken convincingly this week. Beware of false break down which is not followed by high volume.
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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