STI at previous high

I went to see the same customer who stood me and my colleague up the other day. He was apologetic and friendly this time. This guy has changed after a few months from relatively self centred to one who is more willing to listen before making comments. Seems like few months in the market change a person. He is more careful and understanding his situation. Anyway, I have committed my support to him as his team.

It is amicable for someone who is willing to venture out, take risk and explore the unknown. It is one of the difficult thing one person can do for survival. Especially when R & D is a dying market in Singapore. It is only right what we help each other for survival.


Fig 1 STI Daily Chart

My last up-date on STI predicted it will go down the next day, that was Friday. It did not happened. Yet, I continude to see STI weakening each day. It is having difficulty going up.

The main reason I guess is because it is resisted by the 89 days moving average located at 2,829. While Stochastic and RSI are trending up, they are quite limited in their progress, it is only a matter of time that STI would turn downward. Anyway, just as a precaution, I am placing the Fibonacci projection, the next level will be 23.6% at 2,864.