From yesterday's chart, we can see that today's action came down from a 4 months channel resistance line. STI has not been successful in breaching this resistance line... It attempted yesterday but failed to breach it convincingly today... It also came near short term support at 2563 before bouncing to close higher...
I expect a last mini leg up to complete within the next 5 trading days....
Expected range tomorrow: 2582~2655
A break up at 2655 will see next target at 2690 A break down at 2582 will signify the end of the recent uptrend.
Suddenly had an inspiration too to compare the performance of STI in 1996~1999 vs the current economic downturn. Below is a chart I took from Yahoo Finance, and edited in Photoshop to match them together.
Heard of the infamous 10~11 years cycle? Check this out:
It does look like we are repeating the same pattern.
Will the pattern repeat again? Only time will tell. However, based on current sentiments, I do believe that it will repeat.
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