Ichimoku Cloud (daily)
STI is now in between the Tenken sen (blue line) at 3113 and the Kijun sen (red line) at 3078. The momentum of the strong recovery has dissipitated and the market seems to be looking for a direction. 3078 will be the first important support to watch in any possible down turn. The consecutive 3 smaller candlesticks after 2 bigger black candlesticks show an indecisive market. The bears have a winning week by pushing the index below the cloud, however the bulls still has a chance to push up the index as the cloud level is not far from its current level of 3084.
STI is now in between the Tenken sen (blue line) at 3113 and the Kijun sen (red line) at 3078. The momentum of the strong recovery has dissipitated and the market seems to be looking for a direction. 3078 will be the first important support to watch in any possible down turn. The consecutive 3 smaller candlesticks after 2 bigger black candlesticks show an indecisive market. The bears have a winning week by pushing the index below the cloud, however the bulls still has a chance to push up the index as the cloud level is not far from its current level of 3084.
Bollinger Bands (weekly)
Weekly STI shows a bearish candlestick pattern with a big black candle appearing after a doji. The STI is staying around the middle band at 3109 level. There is still no clear direction of a longer term trend. The upper band is currently at 3255 and moving lower. This band had not been challenged for more than 6 months. The lower band at 2963 is moving higher and may provide a good support in any down turn.
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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