Straits Times Index Daily (30.08.2014) 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 second Local             Top at 3355 last week after the first local             top at 3394 on 2.618 of fib line. The index is under the long term support line that now is a resistance.

So the first think in mind seeing the diagram is if the behavior of STI             now that is between the Kijun Sen (blue line) and the Tenkan Sen (Green line). MACD and RSI force their bearishness.

We have a bearish engulfing candlestick pattern last Thursday. . The index is above EMA 200 and adove the KUMO.

There is no special pattern. The fib technically shows the levels and as it seems STI             respect them.

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

If the Index breaches the Tenkan Sen then long otherwise it will continues its correction movement towards to KUMO.

P.S. STI             has made