Posted on March 25, 2009 - by kevinscully

STI breaches 1700 intra-day…..is this a trend reversal?

Chart from Kevin Scully Blog

…what are the charts saying?

The STI Index is up 41 points at lunch to close at 1705.51. We have crossed two levels in two days – the 1600 which was the main support and now resistance and the 1700 with apparent ease. Of the 41 point gain today 20 odd points came from the three bank shares. But is this rise (assuming the STI Index rises above the 1700 and holds for the afternoon session) mean that we have a trend reversal. This is a chartists view and would recommend comments as I am a pseudo chartists of the 1980s.
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