Ichimoku Cloud (daily)
STI has surged strongly over the week to 3183. Both Tenken sen (blue line) at 3129 and the Kijun sen (red line) at 3094 are also moving up together. This is a positive sign for the bulls. As STI has gone above the cloud top level of 3125, this is also a bullish sign. 3125 is now a support level to monitor for any change in this up trend. The next resistance test will be at 3200 level where a few attempts in the past few months had failed to overcome confidently.
STI has surged strongly over the week to 3183. Both Tenken sen (blue line) at 3129 and the Kijun sen (red line) at 3094 are also moving up together. This is a positive sign for the bulls. As STI has gone above the cloud top level of 3125, this is also a bullish sign. 3125 is now a support level to monitor for any change in this up trend. The next resistance test will be at 3200 level where a few attempts in the past few months had failed to overcome confidently.
Bollinger Bands (weekly)
Weekly STI has washed away last week bearish mood with a big white candle. STI is above the middle band at 3115 level. The upper band is currently at 3256 (resistance level) and the lower band at 2974 (support level). Both bands are moving higher, which is a bullish sign. It will be a more definitive signal if STI can go above the upper band convincingly in the coming weeks.
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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