Monday, November 23, 2020

FTSE Straits Times Index (FTSE STI) 23 November 2020

FTSE STI hit last resistance at 2,839 (set on 09 June 2020). If FTSE STI continues its upward trend it could set to test the next resistance 2,894 (set on 09 March 2020).

If it fails to make a clear break above the 2,839 resistance, the immediate shelf of support will be 2705 – 2662 followed by 200 MA support at 2,620.

RSI momentum indicator shows that FTSE STI continues to trade at this week’s high, any short-term hesitation should be limited by this support zone between 2705 and 2662. A test and rebound off this support zone should lead to another test and potential break above the 2,839 and 2,894 resistance.

On the other hand, failure to hold above the 200-MA line would leave the market at best trapped in a trading range between the June highs and the September/October lows.

All posts and charts are for educational and illustration purposes only
Wednesday, November 11, 2020

Alibaba Group (NYSE:BABA) No Bottom In Sight.

Alibaba Group (NYSE:BABA) has broken below its 50-MA line and could be heading for 200-MA. There is a good chance of Alibaba Group hitting trendline support at 242 while its upside is capped at 295.

With China drafting up their first antitrust rules to curb power of tech companies, we probably could see more clarity these rules and its implications on Big Chinese tech companies beyond November as Chinese regulators are seeking public feedback until November 30. 

Resistance: 295

First Support: 268

Second Support: 254

Final Support: 242

All posts and charts are for educational and illustration purposes only