STI has also been in a narrow trading range between 1844 and 1711. From the chart, we can observe that the 50 day moving average also no longer provides support and resistance and should be disregarded at this point in time.
The most immediate numbers for STI support and resistance are 1844 and 1711, the high and low of the range. A close above 1844 should quickly take the STI to the intermediate term high of 1916 where resistance should be strong. We will have to reassess the scenario if the STI does trade to that level as we do not have that much visibility right now. A close below 1711 will take the STI to 1600 which is minor support. The STI will definitely find strong support at 1473, the October low.
No comments:
Post a Comment