i have not commented on the STI or the market for quite a few days because the market is not doing anything interesting. After 8 days of listless sideways motion, the STI gapped down and closed down about 20 points today. The longer term trends are still up, but the momentum is not looking so good. The MACD has been making a series of lower highs while the STI retested the previous high of 3088 and failed to penetrate that level. We could be looking at a retracement to about 3020, which is where the medium term moving average is, or even a test of 2980, which is the previous pivot low. Do be cautious, because the economic situation in EUROPE, and China is still looking rather bleak.
No comments:
Post a Comment