Straits Times Index (STI outlook for 31/10/2011 to 04/11/2011)
STI rallied over the past 5 days forming a 5 consecutive days of white bullish candles. STI closed around 2909 points, facing immediate resistence from it’s 100 day moving average line. Based on current trend, the STI looks to be forming it’s next higher low.
On the technical charts, the Stocastics indicator looks to be showing early signs of bearishness. Trading volume remains healthy.
What to look out for next week?
For the STI to trade higher, it must first overcome it’s 100day MA resistence. Overcoming that level will see resistence turn into support and the STI could potentially trade higher to test it’s next level of resistence around 1997 points region.
After a strong rally, hitting resistence is imminent and there is likely to be a pullback in stock price as investors look to take profit. Watch for possible retracement and support level.If that happens, the STI could see a retracement back to test support.
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