Singapore Stock Market & STI headed higher last week, indeed, the bull power fueled the market to form 2 big white candle. That indeed was the technical rebound that I was anticipating last 2 weeks.
After the lower high formation formed on the 24 July, I am now expecting STI already completed the technical rebound. I am seeing the all the technical indicators are resuming its downtrend.
Where do you think the market will head to this week?
I will be watching closely on the level of 2,830 this week. If the market break this support level, the market will head lower to test the next support at 2,747 that was formed in March 08. This is scenario 1.
Scenario 2 will see the market rebound from the 2,830 level and re-test the resistance level at 3000.
Acknowledging the completion of the technical rebound, you can decide on your trading position in Singapore stock market by monitoring how the market reacts at 2,830 support.
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.
