Today's close for the STI is not good. In fact, the break below support at 3060 is a very bad sign. Today, the STI broke below the key 3000 points psychological level to close at 2973 points. The STI has now closed below the 50% fibonacci retracement level and below the 200day moving average.
Both short term and long term trends have now turned down and i would suggest longer term investors wait for a reversal before jumping in as we dont know how long the downtrend will last.
Next minor support is at 2946 and next major support is at 2900 points.
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