For Singapore ,
the STI has held pretty well. Last Friday’s
200 points drop in Dow Jones Industrial Average did not bring about a sell down
on Monday. It will definitely be a gap
down today. So where is the support?
The first support is at 2977 the pivot low made on 6 Sep. The next support will be at the 38.2%
Fibonacci retracement level of 2938. If
2938 gives way, the index is likely to test the 61.8% level of 2846
MACD is bearish at the moment. Having tried to make a bullish crossover, the
MACD histogram looks to be turning down. Such pattern failure usually brings in the
sellers.
One slightly positive indicator is the ADX indicator. It is not shouting a sell signal right now
with ADX below 20 level indicating that there is no strong trend pattern at the
moment. The +DI looks set to go below –DI
indicator suggesting that a more negative tone is forming.
2 comments:
The bears will soon return.
I know gold continue to be bearish but not all of the indixes in the stock market are following such trend. Upon checking optionbit review optionbitsreview.com I realized that the most unpredictable thing always happen, the last time I knew USD continue to be bearish but right now it has a bullish approach. The thing is we cannot generalize entirely the direction of every indices in the stock market if we don't know some basis.
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