May 16-20, TA for STI Index
- Trend - Side Trending
- Momentum - Moderate at 40-60% for Stochastic and RSI
- Resistance - 3170
- Support - 3092
- Bollinger Band - Trending into a bollinger Squeeze
- Candlestick - Harami -> indicates a possible bullish reversal
STI is trading sideway into a narrow band. Bollinger Band is within 3.7% and support/resistance band is about 2.7%. Trading within such narrow band is difficult. May 12-13, a pair of harami is forming indicating a possible bullish reversal (probability can break the 3170 resistance). Volume is 1.3x above average on Friday.
In general, we need to understand Performance Indexes among DJI, S&P, HSI and STI. HSI is the under performer and now all indexes are entering flat or side trending.
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