I thought last week that Singapore STI has completed the technical rebound and it would have resumed its downtrend. However, I was not 100% right with that.
STI is still engage in the tug of war between the bull and the bear at the moment. It will resume its downtrend if the bear win in this tug of war, other, it can trigger a reversal to head higher and end the down trend formed since May.
How do I analyse this?
It is very simple. I spotted a symmetrical triangle is in the formation, that shows a tug of war between the buyer and seller. We will know who win if one side break out of this symmetrical triangle. A break out upward will signal a high possibility to head higher to form a higher high. A break out downward can resume the down trend and can possibility break the 2830 support.
So, you will need to watch closely on the price action of STI this week.
DISCLAIMER: This information is used for learning purposes only. It does not constitute an offer or solicitation to buy or sell. You should do your own analysis on top of my postings.
