Ichimoku Cloud (daily)
STI manages to close off the week at 3139, whisker away from SPAN A 3143 (top part of cloud). STI has overcome the strong resistance at 3065 as mentioned in last week report and this point is now a new support level. The rising momentum will challenge the next resistance at 3143. STI Tenken sen (blue line) at 3091 has also gone slightly above the Kijun sen (red line) at 3089. The momentum of the strong recovery will continue if the gap between them gets widen. Otherwise, 3143 will be a level where the index may consolidate a while befor the next move (similar to the previous few months).
STI manages to close off the week at 3139, whisker away from SPAN A 3143 (top part of cloud). STI has overcome the strong resistance at 3065 as mentioned in last week report and this point is now a new support level. The rising momentum will challenge the next resistance at 3143. STI Tenken sen (blue line) at 3091 has also gone slightly above the Kijun sen (red line) at 3089. The momentum of the strong recovery will continue if the gap between them gets widen. Otherwise, 3143 will be a level where the index may consolidate a while befor the next move (similar to the previous few months).
Bollinger Bands (weekly)
Weekly STI has successfully crossed above the middle band at 3103. The BB channel is positioning to move upward. This is a recovery sign. 3000 level has become a new support level with this strong rebound. The upper band resistance at 3268 is the next resistance level to overcome for a bullish trend to be confirmed.
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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