Technical Analysis
Look out for resistance (Sell into Strength?)
By Stock Market  •  June 25, 2013
<Late Update. Discussion as per 18 June 2013>

On 13 Jun 2013, we witnessed a hammer candlestick, covering a previous gap of 3107 - 3114 formed on 10 Dec 2012, to close at 3130. For the past few days, we saw the STI index rebounding from the gap support and now heading towards gap resistance of 3211 - 3243, formed on 6 Jun 2013, with the next gap resistance at 3290 - 3311. For information, on the way up, there will be 4 gap resistance. And on the way down, there is 3 gap support out remaining.

We discussed that a change in trend reversal and/or possibility of further downside will see RSI break below support zone of 40 - 50 for Bull Market. As shown on the chart below, we saw RSI break below the support zone of 40 - 50, around 30 May 2013...

 
For now, we ...
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