Market Comments (STI) For Week of 1 Oct 14

STI Index is currently making a long awaited downtrend. Support 1 is at 3,250 followed by Support 2 at 3,220. Candlestick pattern reveals the weakness of the Index and the turning down of MACD supports further downside. Traders to observe RSI break and market reaction at the 2 Support levels to detect reversal.

If the break of neckline (not drawn) of the double top formation is realised, then we are looking at medium term downtrend and reversal will not be so soon.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s