After making higher lows, STI (Straits times index) is hovering around resistance area. Short term wise, it is a little positive since short term moving average crosses above long term moving averages. This is accompanied with RSI below 80 and continueing making higher lows. STI is currently right above resistance area 2450.
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I am going to do a quick one.Here is the chart. Straits Time Index (STI) just continues its slow crawling with Fast stochastics in overbought zone. No significant changes, higher high is yet to be formed
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There was nothing much changed after yesterday's close. Again, I am waiting for STI to make a higher high to draw a better picture of possible trend change. With overnight gain of D.J and Nasdaq indices, there should be a chance for index to advance a little bit further. In addition, one of core STI components , Singtel, released result with 10% raise in quarterly profit, which beats expectations. Stochastic is moving in overbought zone, however, this is relatively unimportant as oscillator tends to be stay at extreme zone during treding market.
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Let's have a look at STI (Straits Time Index)ended 01-August-2006. Yup, it managed to stay above moving averages support area after breaking recent downtrend line. STI in fact has made a higher bottom, this is the first thing I am looking for when determining trend change. Now I think, it is interesting to see if it is able to make higher high. With weak closing of U.S markets, Fast stochastics seems to be a little overbought, and STI is reaching recent resistance area, it might need a little bit more strength to go up further.
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Futures is down a little now. Before we get started a new trading day, let's have a look at STI (Straits times index) ended 31-Jul-2006. It is interesting to see STI managed to closed both 50-day and 200-day moving average. And in fact, it closed above recent downtrend line, which appeared to be an resistance area before. Earning season is yet to be over, price action of STI seems to be better for August. I am very keen to see if it manages to advance further above current level. [photopress:STI_31_jul2006.jpg,full,pp_image]
