Good evening, after news that the pro-austerity party in Greece won, the STI opened higher, slammed into the 55day moving average, and retraced to close above the 50% fibonacci level. The technical picture looks quite positive. Momentum is rising, immediate support level is 2820, next support level is 2767. Immediate resistance is 2850, next would be about 2875.
I know that the news out there is pretty grim, but this does not look like the stock market anticipates any economic shock.
Monday, June 18, 2012
End of day look at STI
Good evening, after news that the pro-austerity party in Greece won, the STI opened higher, slammed into the 55day moving average, and retraced to close above the 50% fibonacci level. The technical picture looks quite positive. Momentum is rising, immediate support level is 2820, next support level is 2767. Immediate resistance is 2850, next would be about 2875.
I know that the news out there is pretty grim, but this does not look like the stock market anticipates any economic shock.
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