Tuesday, February 14, 2012
STI - Feb 14
Market as seen from charts: STI has changed trend from downtrend to uptrend for some time already (as seen by GMMA). A double bottom was formed. RSI and stochastic overbought.
My view of market: Market has been moving in a tight range for past five sessions/ consolidating? Important psychological resistance of 3000 ahead as well as falling window resistance to watch. Bulls are hesitant to push it up further for fear of resistance. Bears, who have been badly hit are also weak, cant seem to bring STI down below 2960... STI is not really moving much.
My outlook: Watch for convincing breakout from tight range. Long and short accordingly.
Disclaimer applies! Trade/Invest with care!