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...Parallel channel did not hold but new hope is found in lower channel
Readers of this blog would have realized that the previous week’s parallel channels are marked out based on fairly conservative data points on STI’s daily chart. While the index continues to trend sideways, investors are starting to get wary as the number of infections is on the rise again. That said, I wise to point out 2 salient points about the “news” that is related to COVID-19. 1) Infection numbers will not lead to nationwide business closures because countries basically cannot afford it anymore. 2) International Travel will soon resume partially because of the nature of some jobs which will be otherwise rendered obsolete. While the concerns about health continue to be a risk for people, many governments and business owners have also realized that the new norm cannot be one without travel and social interaction.