The STI closed exactly at 2813 on the Kijun line of the monthly charts as discussed in last week's post. The next target remains unchanged at 3108 on the montly Supertrend line.
Short term support at 2779.
A break of 2742 (Supertrend Pivot) will test 2651.
The STI continues its uptrend in the ST with the buy signal at 2494 since 031120 on the 4hr.
The monthly supertrend line at 3108 will be the target of the bulls into the year end.
Support is now at 2665.
A break below 2624 will resume its ST downtrend.
A Biden win gave the STI a strong boost and broke the ST downtrend on 4hr charts on the 3rd of Nov 2020 at 2517. The STI hit and intraday high of 2519.
Levels to support uptrend on the day and 4hr charts will be at 2506.
Uptrend targets are now at 2626 and then 2697 initially.
A break of 2506 will see the test of 2200.
The STI short signal on the 4hr charts issued on 271020 gave traders 2 days to prepare their shorts and trim positions.
The STI short signal on 281020 the day charts was the last line in the sand to trim positions.
STI gapped down on 291020 to test 2448. A break and hold below 2448 will test 2200.
Only a break and hold above 2509 will resume ST selling...
The STI made an intraday high of 2569 on the 13 oct and has since faced selling pressure throughout the week to test 2516.
A break of 2516 will quickly move to 2509 and a close below 2509 will resume downtrend in all timeframes.
A hold above 2516 will test 2569 and may start an uptrend on the daily charts.
The STI has paused its downtrend in the ST on 121020 at 2542.
The buy signal on the 4hr charts at 2510 remains valid only if 2516 holds.
A break below 2516 will test 2485 and a close below 2485 will resume downtrend on all time frames to test the lows.
A bounce from 2516 and hold above the SSSA daily charts above 2524 will relieve LT downtrend pressures and...
The STI has generated a buy signal at 2520 on 091020.
Immediate target is 2547.
A close above 2547 and hold will generate a ST/MT uptrend towards 2717
Failure to break above 2547 will retest 2510 and resume its MT/LT downtrend.
The STI is in a persistent MT/LT downtrend till otherwise indicated.
The STI has tried multiple times to hold the 2500 level in the last trading week.
A break and hold above 2510 will relieve the selling pressure.
A range within the downtrend has develop between 2450 and 2510 in the ST
A test of 2450 is still imminent.
The STI is into its downtrend for 15th weeks now since the 24th of July 2020.
2500 level needs to be reclaimed and a close above 2520 will negate the correction.
The downside target of 2200 in the MT/LT remains a viable target if a sustained recovery above 2520 and 2551 fails to materialize.
Maybe the locals here love STI more than anything as they are familiar with it.
I have shown you guys before here why I prefer investing in US indices over STI.
Again, no right or wrong, it depends on your level of comfort and preferences.
Today, the government announced an important piece of news , read here. .
For those who are looking to invest in...
The STI is struggling to hold on to 2500. All indicators are on a downtrend.
To negate short term weakness, the STI must close back above 2540 - 2586 and hold.
The Medium and Long term prospects are weak and in a persistent downtrend.
2200 is the next target is weakness persists in the MT.
The STI is in its 8th month of correction since February 2020. The technical picture has worsened in the trading week starting 070920. My previous post on the 6th of Sep highlighted the technical weakness on all time frames. A worst case scenario of a test of 3200. It would be prudent for long only traders to lighten exposure for the last quarter of 2020.