Short Lived Euphoria but its still alive. Our local benchmark index gap up at opening, perhaps because of the strong US overnight performance. However, this enthusiasm was met with profit taking and/or lack of buying pressure, resulting in a gradual downward intraday momentum for the STI. The index began to find intraday support level around 3085; and at closing, it slightly inch up by 1.70 points to close in the positive zone.
Holding above 3080, it is likely to test the resistance of 3120...
Possibility of a Bollinger Band Squeeze (going forward) seem to suggest the possibility of a volatility breakout (pending for further confirmation)
Long wicked candle. The longer wick was below the body of the candle suggest the the possibility of price to move up. A resilience signal going on in the market.
Attached is the SG Market Data 18 March 2014. Please do note that the ......