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.
No comments:
Post a Comment