14 Mar 2010
Last week, STI went through a consecutive positive movement. Nice!
How will next week perform?
Lets look at Dow Jones.
Dow is trading near resistance level. We might see a retracement to its support level anytime next week or 2 in order to go higher as RSI indicator is above 70% region.
USD (Inverse Correlation to Dow)
USD is trading near it's support level. Please click on the chart to see the 2 scenarios illustrated from my point of view.
Same goes to STI, it's trading near resistance as shown in the chart.
From my point of view, we might see a retracement to it's support for STI to go higher as RSI is trading above 70% region.
If STI really retrace to it's support level and showing sign of rebound from its support, I will be more confident to Long any potential stocks.
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