Saturday 8 September 2012

STI - update

Lets do a quick update to my earlier posting on the STI on 28 Aug 2012.


STI is at a very interesting juncture. Yesterday's price action showed its indecision when it closed off the day with a "doji'. (Doji -means opening and closing price are very near each other in candlestick terms).

However, the most interesting part is that the trend is at a cross junction. The EMA 13 has just cut the EMA 26. I highlight the 2 points in time where the 2 cut in the last 6 months. One was the red arrow in May and the other was the green arrow in late June. For STI to overcome its 'bearish bias', it will need to move and trade above 3050 in the coming days. Otherwise, this may just be a counter-trend move with a target of 2950.

Let's see how it perform in the coming days and i will keep you posted again.

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