Looking the STI chart after the last trading day of 2011, it looks pretty bearish and it breakdown the recent small trading range.
All indicators are showing bearish signal.
STI is currently moving along the descending triangle trend line support and resistance.
Next support to look out for will be: 2590-2600
And resistance will be: The 20MA
If STI were to breakup from upper band of the trend line, do expect the STI to rally to 2745 region, which coincides with the 50MA and 100MA.
Kepcorp has tested its December high of 9.6 and it came down from that region on 27 Dec, which can be seen as a short-term double top chart pattern.
Indicators are showing sign of weakness & marines are holding well due to the recent rise in oil prices.
If oil prices were to come down, marines will get a wave of sell-down.
Next support to watch out for will be 9.05-9.14 which is the recent rising window support.
Else it could come all the way down to 8.9 which coincides with the 100MA.
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