Price action of the STI is not good. It has been slowly rolling over since early August. Today it broke recent low of 3004 and looks headed towards the previous pivot low of 2974. The medium term moving average provided some support today, but i dont think that will hold as the mood is decidedly bearish today. If 2974 does not hold, the next support level is 2940. The short term direction is down, but the current downturn seen from a longer term perspective appears to be a healthy correction back to the 61.8% fibonacci retracement level. My view is that the longer term stock market trend is up.
The pattern of tipping over is also seen in most stocks. Here we have a chart of Noble Group falling to its previous pivot high of 1.165 before closing one bid higher at 1.170. There is some support here from the longer term moving average. Next support is at 1.15. Resistance is about 1.20 (medium term moving average)
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