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
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