27 June 2010
Despite the US market decline on last week, Asian markets maintain bullish when china announced on their flexibility policy on its RMB currency. Lets take a look at Shanghai index and see if there is a possibility that they can affect our market.
Shanghai Index (SSE)
SSE has been in downtrend since the triangle breakout on mid Apr until recently, SSE refuse to go lower and has been tested 3 times at 2505. Could it be at its lowest point? It might be a possible sign of bullishness.
Recent trading movement is being resisted by 20MA. A possible change of trend if SSE break its previous resistance and form a higher high, higher low.
DJI was fighting up and down on last friday. It closed above fibo 62.8% which seems to be a possible support. A white candle is needed for the confirmation.
Straits Time Index
Looking at STI, it's being well supported and 20MA is moving up closely. There might be a good chance for STI to form a higher low for next week.
Lets monitor if the support holds on Monday.
What to look out for? (STI)
Next level of resistance: 2888
Next level of support: 2833
If gap support breaks, next level to watch out for is at 2806 (Previous higher high)
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