I was looking at Singapore Straits Time Index correcting downward last week,initially, I thought the immediate support would be 38% fibonacci support. Instead, the market was support well at 23% fibonacci support instead. Then, it rallied upward with a long white candle and forming a bullish engulfing pattern. That led to the upward movement in the last 2 days.
STI has now come to a critical point again. It is meeting the immediate resistance near 2,280, which was the high formed on 8 May 2009.
Can the market sustain the upward momemtum and continue to break higher?
Singapore Straits Time Index Stock Market Trends
Bull Run Remain Intact
Looking at the chart of Singapore Straits Time Index, the upward movement bull run still remain intact at this moment. There is continuous formation of higher low and higher high so far. Therefore, it is critical to see if the market can continue to break up the 2,280 level.
If STI manage to break up, then I foresee the upward movement will continue for one more round, the volume still remain healthy at this point of time, although I am seeing diminishing volume on Dow Jones.
I am posting it now and I will try to post again tomorrow to see the verdict tomorrow. If the market shifts downward tomorrow, that may lead to a double top bearish formation. The immediate support will be the gap support at 2,176 level. If it continue to break down this support which will eventually lead to downward movement to the 38% Fibonacci support I predicted earlier.
Anyway, let’s watch for the verdict tomorrow… 
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.
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