Technical Analysis
STI Direction – Pull No Punches
By Stock Market  •  October 31, 2013
Our local benchmark index FSSTI closed higher for the month of Oct 2013. Having said that, the price behaviour failed to break above the gap level of 3219 - 3238 and the past 8 trading days suggest a range bound mode.

Based on the daily RSI range and movement, it seem to suggest that the underlying may be changing from a Bear to Bull mode (but weekly RSI range still stuck in Bear mode), with this in views, I have added the Andrew's Pitchfork indicator.

In essence, the failure to break above the Median Line is suggesting the possibility of testing the lower bound of the uptrend Andrew. And a break below the lower bound or 3120 level is suggesting the possibility of closing the gaps.

And beyond that, as mentioned at the beginning of 2013, "While the direction towards 3530 remains intact, I cannot rule of the possibility of a change ......
Read the full article
By Stock Market
LEAVE A COMMENT
LEAVE A COMMENT

Your email address will not be published.

*

Your Email Address will not be published
*

Read More Articles
More from thefinance