Straits Times Index Update
As promised, i will do a quick update on STI. Now this is very frustating that i cannot update the STI chart!!! why why why... forcing me to set up my own website?! :( (I will try to load the chart tonight from home).
Now i have to describe in words? I think upside for STI is limited as the parallel uptrend and the 61.8% fibo retracement all ends at 2520. With the bearish engulfing pattern on 21 August and the parabolic tightening coupled with bearish technical indicators like bearish divergence on MACD and overbought stochastic, my view is that the probability of a correction happening on STI is more likely than another upward movement. Once the parabolic SAR (bearish) is triggered, a likely target will be 2400, followed by 2360. <--- now you can appreciate why a picture speaks a thousand words!
Now i have to describe in words? I think upside for STI is limited as the parallel uptrend and the 61.8% fibo retracement all ends at 2520. With the bearish engulfing pattern on 21 August and the parabolic tightening coupled with bearish technical indicators like bearish divergence on MACD and overbought stochastic, my view is that the probability of a correction happening on STI is more likely than another upward movement. Once the parabolic SAR (bearish) is triggered, a likely target will be 2400, followed by 2360. <--- now you can appreciate why a picture speaks a thousand words!
posted by Ninja Trader at 8/22/2006 12:33:00 PM
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