Recently, STI movement was bullish testing the 2900 and a quick 3 weeks reversal back to 2700 support level. The Europe debts news are constantly causing the volatility and the index swing. The daily trades are confusing but STI daily movement is getting bearish with increased volume.
A quick update of the Fibonacci Retracement and Timezone to determine the overall predictive model. In this chart, I have updated 3 colors arrows (RED = Fibonacci, BLUE = Historical Support/Resistance, ORANGE= 28Days Support and Resistance). Fibonacci Timezone was incorporated to estimate a possible movement of a new trading Range.
Based on the reading of the Fibonacci's Retracement and Timezone, this trading range will still persist for a period of time. Critical STI support range to watch - 2680 and 2580.
Safe Trading.
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