Thursday, July 23, 2009

Rising Wedge Observed on Daily Chart

Wave counting is getting too complicated. Shall revert back to basics for a while.

A rising wedge is observed on the daily chart of STI

Stochastics has started to cross downwards. RSI is also touching 70.
We will need to see if STI opens below or above the short term rising wedge support of 2470.

However, the resistance turned support line of 2424~2430 should offer some form of support should STI comes down.

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