Sunday, October 25, 2009

STI - breakout soon?



Hi there! Above is a weekly chart of the STI. It closed above the 50% fibonnaci retracement last Friday. This is a very good sign. Major resistance remains at 2745; if the STI manages to close above that level, there is a good chance that it will move strongly towards the next Fibonacci level, which is at 2984.

I think a good strategy now would be to accumulate on weakness.

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