STI index retraced the complete downswing from 1780 to 1455. The index fell 13 points on Friday.
The index has stayed above its 50 day moving average for 5 trading days now. Any fall is healthy if the index can stay above its 50 day moving average.
A similar situation occurred in Jan 2009 where the index went above its 50 day moving average only to make a new low of 1455 on 10 Mar 09.
A bullish scenario will be for the index to fallback to its 50 day moving average before making a bullish move that takes out the high of 1780.
Support level is at 1711 and 1657 respectively. Resistance is at 1780, 1844 and 1959.
The index has stayed above its 50 day moving average for 5 trading days now. Any fall is healthy if the index can stay above its 50 day moving average.
A similar situation occurred in Jan 2009 where the index went above its 50 day moving average only to make a new low of 1455 on 10 Mar 09.
A bullish scenario will be for the index to fallback to its 50 day moving average before making a bullish move that takes out the high of 1780.
Support level is at 1711 and 1657 respectively. Resistance is at 1780, 1844 and 1959.
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