Singapore Straits Time looks to have similar trend as Hong Kong Hang Seng. I observed an upward trendline. The market managed to trade higher last Friday to create a cheerful start for the new year 2009. We have seen many market was having a good start last Friday.
Do you think this upward momemtum will lead to a bull run?
Dark Candle at Resistance on Straits Time Index
However, similar to the Dow Jones and Hang Seng markets, Singapore Straits Time Index has hit into a resistance and formed a dark candle on tuesday. However, an interesting note is the volume remains pretty high in Singapore market.
The buying force has not exhausted yet, there might just be some profit taking from the 100 points gain from last friday. I am seeing the support remains at 1,760 level.
RSI in the overbought region but that is not an worrying sign for an upward market. The RSI can remains in the overbought for a long period in a trending market. However, if STI cannot break through the resistance to trend higher, then it will turn into a sideway market and RSI will be a signal to show the start of retracement.
It is critical to watch where the force is tomorrow!
Singapore Straits Time Index 2009
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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