TA for STI, for Jun 20-24

TA for STI, June 20-24,

• Trend - Downtrend (index below 200D MA, 9D/26D below MACD -ve range) 
• Momentum - Oversold (confirmed by RSI and Stochastic)
• Volume - slightly Above Average (Indicate good anticipation on selling)
• Candlestick - 2 black crows ( indicate bearish momentum)
• Support - 2935
• Resistance - 3100

Overall the TA for STI is bearish and no sign of bullish reversal. Most likely, STI will test the support line at 2940. Most stocks after one week of downtrending, some have already found its new support line.  Those at support, you have to be careful and wait for the STI to break through 2940, to continue your SHORT position. There might be some temporary pull back, index went off too fast away from 200D MA.  To long now is not a good idea - as "Trend is your friend".

From Performance Indices, we can see that HSI is the worst performing and selling pressure is huge. DJI and S&P500 are having little pullback effects after weeks of downtrending, but personally, the 200D MA is to watch - if DJI and S&P 500 break it. Then everything, will fall.