end of day look at STI

The STI made a very strong push up today. After closing slightly above previous support/resistance of about 3076 yesterday, it gapped up at the open and powered its way past another support/resistance line of 3113 to close at 3120. Momentum is up, index is above both the 50-day and 200-day moving average lines and both trendlines are turning up. This looks to be a good time to buy blue-chip counters on dips. The falling trend-line looks to be the initial resistance at about 3150, next resistance looks to be around 3180. Initial support is at 3110, next support is at 3080.

end of day picture for STI

Good evening, above is a daily chart of the STI. Markets have been extremely volatile in Jun 2011, with the focus on the end of QEII in US, risk of default in Greece sovereign debts and a slowing global economy. However, the STI appears to have found support at the 3000 level and momentum for now has shifted to the upside. The shorter term trend seen by the 50day moving average is down, but the longer term trend represented by the 200day moving average is somewhat sideways. Caution is the order of the day, with volumes still very low. Support is now at 3030 and then 3000, resistance is at 3072, with the next level at around 3120.

end of day look at STI

Good evening, a short look at the STI. Above is the daily chart of the STI. Not much has changed from yesterday - price still below both 50 and 200-day moving averages - signalling continued downside. Momentum, as shown by the MACD is still in negative territory. However, the price action today appears to show that there is some buying coming in at the 3043 level. This, i mentioned yesterday, is about the last support level i can find before the next one at about 2980. Let us see if 3043 holds as support.

End of the day look at the STI

Above is a daily chart of the STI. The outlook for the STI has darkened. The index has fallen below both the 50 and 200-day moving average. It has also dropped below the previous support of 3078. MACD has been on the down trend since mid Apr. The next support level that I can see is 3043. Let us see if this support level holds.

End of day review of STI

Good evening, above is the daily chart of the STI. The STI has been trading in a slightly tightening sideways range since late Apr 2011. Key issues are: End of QEII in Jun 11, signs of a slowdown in US and China's economy and uncertainty over the resolution of Eurozone's debt problem.

Key support now is 3092, major resistance is 3180, minor resistance is 3125. Momentum, shown by MACD is on a down trend, but longer term trend, shown by the 200d moving average is still trending slightly upwards.