Hourly STI Chart: Index has broken the MA(50) line. MA(10) and MA(20) are already showing its downwards movement. RSI (42) heading to (30) soon. Stochastic is bottoming. In short, major trend is bearish with sign of bottoming soon. But Where??
Daily STI Chart: Showing Fibo 38.6 resistance at 1760 region PLUS MA (65) support. Wow very strong.. From current level of 1808 index t make the stochastic bottom at 0%k, that will make the index to drop another 70 points.. Which is 1740. Worst-case scenario is a pullback to 1685, which is the 50%downward retracement of STI’s rally from 1457 to 1947
Weekly STI Chart: Showing strong support MA (14) line coincide with MA (25) at 1720 region.
So, my take is wait, wait, wait... wait 1740-60 region then hoot big big.. Downside risk is - 70 points? Upside risk is 390 points.. i think i can sleep well with that entry point... Muahaha
3 minutes ago
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