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.
Post a Comment
Note: Only a member of this blog may post a comment.