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.
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