Chart Source: Poemsview 22nd Oct 2019
Straits Times Index saw a break away from its consolidation zone over the last week hitting our first resistance target of 3154 which we drew back on 13 Oct.
From our explanation in our previous post, the Straits Times Index broke above our downtrend line we drew, it also broke above its 20ema which are positive signs for us.
Some possible scenarios for now, STI might cover the gap it created this morning and might continue its march up. It could also test today’s high again and a success break might see it move to 3188 area.
A break below the 20ema might cancel our upside view.
We hope our readers managed to learn and capitalize on our explanation on our trading blog!
Lets Watch it!