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.
Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!
Featuring regular TA posts and requests to analyse specific stocksAbout the author
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.