Trapped between high and low
Fig 1. STI Daily ChartI am testing on up-dating my blog on alternate days, it seems tome that my readings are more accurate in such frequency. Some how, it let me take a step back to see a better picture. While this is so, I figure may be I should also publish some interesting stocks I read.
Seems like now STI is in a difficult position, on the low side, it is supported by the 13 (green dotted) and 21 ( green ) days EMA, on the high side, it is resisted by 55 (Grey) and 89 (white) days EMA. I wonder if I can call this an impasse?
So far indicators continue to guide the STI southward. Both RSI and Stochasitc have diverge from STI as mentioned in my past record. Another interesting observation is that STI is now resisted by the trend line (blue line) that previously supported the chart. So South seems very interesting for STI. However, it may be supported by 2,387 this time round.
posted by denzuko1 @ 12:20 AM
1 Comments:
STI corrected 6 days so far after gapping up, accompaning with high volumes, which indicates that this is not a correction which needs volumes to contract, it is a selling or distribution.
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