Straits Times Index Daily (10.08.2014) Technical Analysis

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The Singapore Straits Times Index ( STI ) Daily Diagram Technical Analysis Training shows the following:

The STI index has made a long development from January 2014 above the KUMO cloud. Now the Index is above the KUMO but below the Tenkan Sen (light green) and Kijun Sen(blue line) too. The weekly diagram is marginally bullish and monthly diagram is bullish too.

So the first think in mind seeing the diagram is if STI finds support at KUMO and turn the trend upside now that the support line has broken. MACD and RSI force their bearishness and the divergence has been created as we mentioned last week.

We have no special candlestick pattern. The index is above EMA 200.

There is no special pattern. The fib from 2952 to 3136 (projection) shows now a support at 1.618 of fib (3250) and a long term target at 2.618 of fib at 3434.

Maybe the index make some consolidations above the KUMO so I prefer to stay aside.

P.S. STI has made a long term reversal pattern breaching the 3250. The target is the 100% projection of long term low, that is 3250+(3250-2952) = 3548 for the next two-tree months.
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