end of day look at STI

Above is a daily chart of the STI. The longer term trend of the STI, based on the 200-day moving average, is still up. The mid term trend, based on the 50-day moving is sideways with a slight downward bias, while the momentum, based on the MACD is down but appears to be turning up. The overall picture is mixed, but so far the 200day moving average has proved to be a strong support level. Going forward, the STI will most likely to be going sideways in a volatile manner. Support is at 3100 (the 200day moving average line), initial resistance is at 3130 (the 50day moving average line). Next major resistance level is at 3180.

end of day picture for STI

Above is a daily chart of the STI. Quite a strong performance by the STI today. Overall, the STI appears to have found support on the 200day moving average line and is now heading towards the previous high of 3207. Intermediate support is at the 50day moving average line of about 3130. Momentum is turning up.

a look at the STI

Above is a daily chart of the STI. The overall picture is that the STI is still in a longer term up trend, and what has happened over the past week or so is a correction. Support is at 3078. Today's close above the 50day moving average line is positive. The trend in the short terms appears to be sideways. The uptrend to 3170 looks set if the STI is able to hold above the 3130 level.