July 11-15, TA for STI

Jul 11-15, TA for STI,

• Trend - Side 
• Momentum - OverBought
• Resistance 1- 3180
• Support 1 - 3120
• Support 2 - 30006
• Pattern - Upward Slope Channel Formation
• Candlestick - NA

A very good run up for the past weeks and now all indices are near to their historical resistance level. Index will need to maintain along the 200D MA before all the 100D, 50D MA crossover. Else STI is still in the side trending. US - Q3 - Aug 2 announcement (see the news column at my blog) will impact on all indices - so I suspect indices should be trading near this resistance level. Any breakout will indicate a continuous upward trending. Just be prepare for this breakout strategy.