STI "Cheong" 15 points!

The market today is like a soccer game, kicking back and forth the whole time and only managed to score goal at the end. The whole day this guy keeps everyone in suspense, not revealing its true direction. In fact for quite some time it stayed at 2,809 (the most talk about level in this blog so far). It is only at the end that it surprise everyone with a 15 points leap.


Fig 1 STI Daily Chart

While this is so, there is still very little use in the 15 points move, it did not create any pattern except for a new high. I would still consider this range bound because of its envelop resistance which is now at 2,827. Its support level through its 21 days EMA is at a far low of 2,768.

While both Stochasitc and RSI are trending up, I do see a limitation on its up trend. At least Stochastic is at almost 90% of its move. Well, probably it will stay there for a while.