Legend For Phase Chart:
1: Recovery-1: Warning
2: Accumulation-2: Distribution
3: Bullish-3: Bearish

Sunday, November 15, 2009

STI Still In Bullish Mode


Singapore’s Straits Times Index has been flirting with its 50 day moving average. The index has moved below the 50 day moving average on several occasions only to stage a rebound to close above it. The 50 day moving average is now at 2668 and this will be a critical support level going forward.

The phase chart is now back in “Bullish” phase although it went into “Warning” phase in the first 2 weeks of November.

The index is also showing difficulty in moving above 2740 level. Break above 2740 will mean a target objective of 2900. Let’s see if the bulls can keep the rally going.

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