Ichimoku Cloud (daily)
STI manages to close off the week at 3067. As mention in the last report, STI face a strong resistance at 3065. This week will see whether STI can maintain above 3065 and regain back the rising momentum to challenge the next resistance at 3143. If not, STI may hover around 3065 for a while as the next consolidation level. The next strong support level is at 3000, the recent low point where STI recovered. STI Tenken sen (blue line) at 3036 is still much lower than the Kijun sen (red line) at 3089. It also shows that the momentum of decline is slowing down.
STI manages to close off the week at 3067. As mention in the last report, STI face a strong resistance at 3065. This week will see whether STI can maintain above 3065 and regain back the rising momentum to challenge the next resistance at 3143. If not, STI may hover around 3065 for a while as the next consolidation level. The next strong support level is at 3000, the recent low point where STI recovered. STI Tenken sen (blue line) at 3036 is still much lower than the Kijun sen (red line) at 3089. It also shows that the momentum of decline is slowing down.
Bollinger Bands (weekly)
Weekly STI shows a good rebound and the index may challenge the middle band at 3100. The BB channel is moving downward. This is a bearish trend. It is a crucial time to see if the lower band support at 2928 will hold in the coming weeks. Any recovery will need to go above 3100 and toward the upper band resistance at 3271.
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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