Wednesday, August 5, 2009


STI has broken out of the orange support channel here

I believe the support line would have turned resistance (hopefully wrong?). From charting, tomorrow's trading range could be between 2640 ~ 2684.

Using the pivot system calculations as well:

Pivot 2665.86

R1 2683.68
S1 2630.94
R2 2718.6
S2 2613.12
R3 2736.42
S3 2578.2

Combining, 2684 coincides as resistance.
2630~2640 coincides as support, with the average at 2635.

Final conclusion is that STI would likely trade between 2635 to 2684.
The next resistance after 2684 is at 2700
So far, I can't identify any support yet right below 2630. However, I don't expect this value to be broken at all tomorrow because other than 2 channel supports, the 5 day EMA is coming up to support STI again as well.

Would I be wrong? It doesn't really matter to me. Nothing better to do mah :D

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