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Web thoughts-denzuko1.blogspot.com

My Charting Blog

It is interesting that I start off this Blog when the Singapore Stock Market is heading south. However, this makes it more interesting for me to write on as the market turned volatile. My interest is Technical Analysis, TA for short. I love to look at charts and predicting where they are heading. This blog is or me to record my thoughts on the market. The articles on this blog are based solely on my personal opinion on the charts that I read and readers should not take it as absolute.

3/02/2014

Signs of reversal for DJIA

I just looked at DJIA. I recall my last up-date was about a reversed triangle in formation and potential reversal. DJIA is at present at the envelop and testing the resistance. So will it break through up-ward?
 
 
 
My present estimate that it would not. The RSI is already in divergence with the chart, which is an indication of reversal. The question is: would this be a correction or change in trend? Probably would need more development on the chart to decide.

STI hitting resistance

I have gone off line for a while as the market looked quite depressing. By depressing I mean very little progress, regardless up or down. Instead of daily check on the market, I am now doing it on weekly basis, seems like I am not missing much at all.



I have written about STI earlier with suspicion that it is going down. For the time being, it is still in a "b" congestion and the lower lows with no divergence noted on the indicators. seems more signs of down trend to me.

STI is also facing 21 days and 89 days moving average resistance. More over, it has broken through an up-ward support trend line on week of 24th Jan 2014. This trend line was tested 2 times before finally broken.

I think we would be expecting more hardship coming. But base on past experience, the economy won't even experience the effect until the index at the bottom.