Technical Pulse: Straits Times Index June 8, 2017 74

Technical Sell

Straits Times Index –Daily timeframe  (Update from 17 May 2017)


*Entry Price: 3229        Stop loss : 3276      Take profit : 3112

Current Sentiment: Bearish

Support 1: 3188                    Resistance 1: 3248

Support 2: 3158                    Resistance 2: 3295

Price remained depressed here after the last update even as it rebounded off the 3189 support area.

Further weakness appears rampant with the 3248 immediate resistance area relentlessly capping price down. The recent bearish rejection off the 3248 resistance area on 07/06/17 succeeded in forming a shooting star signals a continuation move to the downside.

Moreover, the Relative Strength Index (RSI) is still normalizing off the 75 overbought region perfectly, exhibits a weakening momentum.

Expect price to move in with the previous report to test the 3158 support area followed by 3112.

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About the author

Profile photo of Jeremy Ng

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.

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