Above is a daily chart of the STI. It is showing signs of strength, in that it closed positive today, maybe because of news that some money will be made available to Greece to help it through another round of debt repayments, but the chart shows that the index has broken down through both 50d and 200day moving averages, momentum has shifted to the down side and the probability that it will go lower is very high. It may bounce up, but the major trend now is down. i am looking at some support at 2870. Resistance is at 2920.
Noble group has been on a downtrend for a long time, so i decided to show a weekly chart for you to get a better perspective of its price action. Basically, it has been on a downtrend since end 2010, which accelerated in 2012. Strong support is at about $1.12, so it would be a good buying opportunity should it drop to that level.
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