STI manages to close off the week at 3151 slightly above SPAN A 3144 (top part of cloud). This is a positive sign for the longists. The recent high of 3156 will present the first level of resistance in any up move. STI Tenken sen (blue line) at 3100 has also gone slightly above the Kijun sen (red line) at 3083. The momentum of the strong recovery will continue if the gap between them gets widen. 3144 is an important support level to monitor.
Bollinger Bands (weekly)
Weekly STI has shown a slow down in the upward recovery (indicated by the small body candlestick). The middle band at 3106 level is the new support level. The upper band resistance at 3267 is a strong resistance level to overcome for a bullish trend to be confirmed. This resistance level was overcome in Nov 2010 and Jan 2011 but STI did not manage to maintain above the level for long.
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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