Hi there! It has been a long time since my last update. The STI has broken out of the 50% Fibonnaci retracement mark and appears to be stalling at just below the 61.8% (2981) level. The momentum (looking at the MACD) is a bit flat with a slight upward bias. The longer term trend of the STI is still up based on the upward sloping moving average line and the fact that the prices are still above the moving average line.
Above is a daily chart of the STI. The shorter term trend of the STI is still up looking at the slope of the moving average as well as the fact that the price has been staying above the moving average line over the past 2 months.
Based on the chart of the STI, i would recommend that investors go long during market weakness.
Major resistance is 3000 points. Support appears to be 2900.
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