Straits Times Index (STI Outlook for 08/11/2011 to 11/11/2011)
First and foremost, congrats to all who profited from the mini STI rally. I am sure your question at this point would be “Hey, is the rally over?”. Well, based on the current trend and broad outlook of the STI, the index looks to be on a short term uptrend mode. Over the past 5 trading days, STI retraced but found support from it’s 20/50 day moving average (ma), forming a higher low. STI currently faces immediate resistence from it’s 100 day moving average line, currently trading around 2892 level. One important thing to note is the stocastics bullish crossover occuring yesterday, indicate there is a possibility of a further upside to be expected.
In order for the STI to trade higher, it would first need to overcome it’s 100 day moving average resistence before it can test it’s next level of resistence around 2911 points. Failure to do so could see a potential retracement to test it’s support around 2755 points.
Additional things to watch out for:
Bullish: Break resistance
Next resistance to watch: the gap; 2943 to 2974
Next support to watch: 2755
Till then, SGShareMarket wishes everyone a Selamat Hari Raya Haji.
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