Singapore Straits Time Index – [What’s Next??]
Since our Blog post on Sti one week ago, it had a nice downside to around today low of 3209 area which is quite close to our 3200 target support . Despite other markets having some rally for the past week ( e.g S&P500 had a new record closing this week) , Sti was instead trading in a sideway range closing at 3220 today, which is a indication of weakness .
We can also see the 20ma remains below the 50ma , which is a further indication of Sti weakness. If Sti were to continue its slide and break below the 3200 support level , the next support level may be 3166 follow by 3150 which could be a important support level as it is also its 200ma level.
For Index trading , We usually use a zone to determine the support and resistance level .
Want to know more on how we managed to spot such a move ?
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