Friday, August 14, 2009

STI Updates

STI continues to appear to have a tendency to gravitate towards intersection points of resistances.

We can see from today's price action that touched two different resistance lines, one a 5 months uptrend line, the other a 100 week downtrend line.

If STI opens above 2618, then it will likely trade between 2618 to 2628. However, depending on the performance DOW tonight, downside is expected, i.e. STI to trade below 2618 tomorrow.

Let's see if STI will gravitate towards the point shaded in blue.

As for the basic pivot calculations,

Pivot 2616.603

R1 2630.157
S1 2600.627
R2 2646.133
S2 2587.073
R3 2659.687
S3 2571.097

Coupled with trendlines, we could probably expect STI to hover at around 2618 tomorrow.

The market is getting more and more uncertain. Shall wait for tomorrow morning to see the performance of DOW to decide.

I sense a symmetrical triangle in play on DOW's hourly chart, which will likely signify further uptrend in the short run.

No comments:

Post a Comment

Please Comment >>