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How different things look after just one week. The much talked about head and shoulders pattern seems to be turning elusive. 2,400 points on the STI seems to have become just a horror story told to scare the uninitiated. These are things which even experienced chartists thought quite likely, not just some amateur TA practitioners. This is another example of how everything works on probabilities, never absolutes.
The MACD averted a bearish crossover with the signal line on 1 July. On 6 July, a bullish engulfing candle was formed and the MACD started pulling away upwards from the signal line, another bullish sign. Now, a white candle is pushing the upper Bollinger band and the bullishness could continue to test 2,947 next or thereabouts as indicated by the 123.6% Fibo line and, possibly, 2,982, the 138.2% Fibo line. Could it go higher to retest the high of 3,037 achieved on 15 Apr? Who can say for sure?
2,890 is now immediate support as the 20dMA seems set to form a golden cross with the 100dMA next.
Related post:
STI: 2400 is still a real possibility.
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2 comments:
Investors have high expectation for the earnings report...run once things turned sour haha
Hi Dou,
That could very well happen. However, we have to steel ourselves to expect the unexpected too. ;)
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