The STI performed very strongly today to close at 2811. Most people seem to be fixated on the outcome of the Greece elections, but i believe the rally today is due to stimulus measures undertaken by UK and probably expectations of similar actions in USA as well. For now, the picture of the STI is getting better. Momentum continues to be up, short term and medium moving averages have turned up. Immediate resistance is now at 2820 (the 50% fibonnacci retracement level) and the next resistance is expected to be at about 2850 (at the 55day moving average). Support at 2767 is pretty strong.
Friday, June 15, 2012
A look at the STI
The STI performed very strongly today to close at 2811. Most people seem to be fixated on the outcome of the Greece elections, but i believe the rally today is due to stimulus measures undertaken by UK and probably expectations of similar actions in USA as well. For now, the picture of the STI is getting better. Momentum continues to be up, short term and medium moving averages have turned up. Immediate resistance is now at 2820 (the 50% fibonnacci retracement level) and the next resistance is expected to be at about 2850 (at the 55day moving average). Support at 2767 is pretty strong.
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