Technical Analysis: Straits Times Index October 12, 2016 8
Straits Times Index – Daily timeframe (Update from 15 Sept 16)
Current Sentiment: Bearish
Support 1: 2793 Resistance 1: 2907
Support 2: 2714 Resistance 2: 2953
The uptrend line and 2793 support area succeeded in reversing price after the last update, keeping the immediate uptrend alive for now.
However, the recent bullish momentum appears to be weakening as the 2907 resistance area heavily rejected price since 06/10/16 causing price to fall back below the 200 day moving average.
For further confirmation of the resumption of the long term downtrend, watch for price to close significantly below the uptrend line and 2793 support area.
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Jeremy Ng
Research Analyst
Phillip Securities Research Pte Ltd
Jeremy specialises in Technical Analysis and has 10 years of experience in studying price action. His areas of expertise include intermarket analysis on the equities, currencies, commodities and bonds market.
He is also a regular columnist on The Business Times - every Monday ChartPoint column.
He graduated with a Bachelor of Science in Banking and Finance from University of London.