SG Technical Comments: STI (27 Jan 2006)
SG Technical Comments: STI (27 Jan 2006)
By Ken Tai
Fri, 27 Jan 2006, 09:10:32 SGT
Straits Times Index - The STI formed a triangle in the hourly chart, pending for a breakout within the next few days. As the closing price, STI has started to approach the top of the Bollinger Bands. This action increased the odds for the STI to break above the triangle in the near term. A break above the resistance of 2395 may send the STI to 2420 level. If such an event occurs, we suggest a sell into strength to pare down long positions. The Stochastic Oscillator remains mildly overbought despite the recent correction, a sell on strength approach is more applicable at this juncture
By Ken Tai
Fri, 27 Jan 2006, 09:10:32 SGT
Straits Times Index - The STI formed a triangle in the hourly chart, pending for a breakout within the next few days. As the closing price, STI has started to approach the top of the Bollinger Bands. This action increased the odds for the STI to break above the triangle in the near term. A break above the resistance of 2395 may send the STI to 2420 level. If such an event occurs, we suggest a sell into strength to pare down long positions. The Stochastic Oscillator remains mildly overbought despite the recent correction, a sell on strength approach is more applicable at this juncture
posted by SmartYInvestor at 5:20 PM
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