Good evening, the market went super bullish today. Perhaps the STI is playing catch up with the rest of the world since it was closed yesterday. The STI broke through the 50-day moving average strongly on very high volume. Short term trend has turned up, momentum is still strongly up. Longer term trend, based on the 200-day moving average, is still down. Initial support is 2770 (base of 50-day moving average), next support level is 2700. Resistance is between 2900-2940 (next round number and the bottom of the 200-day moving average).
Above is a daily chart of Noble Group. Its behavior is similar to the STI. It broke strongly above the 50-day moving average today on very high volume. Resistance is about $1.70, support is $1.485. Short term trend is upwards, momentum is up, longer term trend is still down.
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