Tuesday, August 4, 2009

STI is getting interesting

STI finally touched the magic 50% retracement number at 268x. Seems like my expected range for STI differed by about 5 points on the upside and downside yesterday :(

How will it go from here? That's really a million dollars question.

With the new experimental pivot system that uses the previous day's close, day high and day low (and which I'm trying to do some tweaking), the following calculations are made for tomorrow:

Pivot 2665.697

R1 2698.413
S1 2648.923
R2 2715.187
S2 2616.207
R3 2747.903
S3 2599.433

From my chart yesterday, today's action was still within the confines of the green upchannel resistance line and the orange uptrend support line.

As of tomorrow, 50% retracement levels 2684 has come into the picture to play. The 5 day EMA now forms a support as well for STI. And as noted yesterday, the blue resistance turned support line came to support STI as well today at 2632.

From my chart yesterday, using channels, my first support for tomorrow would be 2660, followed by 2634.
Resistance expected at 2684, then 2690, 2705 and 2712. With so many resistances to break through tomorrow, I don't expect STI to go past 2712.

Will STI surpass all expectations? We will have to wait till 5pm tomorrow to find out :)

No comments:

Post a Comment

Please Comment >>