Latest Forum Topics / SMU E.y.E - TA | Post Reply |
More short term downside for the STI?
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singaporegal
Supreme |
22-Jan-2009 22:08
Yells: "Female TA nut" |
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Good chart. One thing to note - the volumes are really low these few weeks that we must take care not to over-analyse the charts. We should also pay equal attention to the economic news. Economy drives stock market sentiment now.
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cybernick
Member |
21-Jan-2009 23:44
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Looking at the charts, I believe: sell on strength. | ||
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MichaelMaung
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21-Jan-2009 22:02
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I think it will break through the channel becaue it has rebounce couple of time and the potential uptrend seems to be strong. probably. start of next week may reflect what I have mentioned. | ||
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equator2010
Senior |
21-Jan-2009 21:19
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ah ok...i forgot you were referring to shorting/selling | ||
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ronald_lee
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21-Jan-2009 21:04
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its because there is a tendency for RSI to revert to the mean when it reached overbought levels. if you looked at the past overbought situations from the intraday chart, prices collapsed soon after hitting around 65 - 70. | ||
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equator2010
Senior |
21-Jan-2009 19:51
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why do you say good entry even at overbought levels? | ||
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ronald_lee
Member |
21-Jan-2009 19:07
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Bearish indications for the STI in the intraday and daily charts. Intraday STI trading in a downwards channel. Look out for resistance from the upper trendline, as well as the moving averages. Good entry when RSI goes even slightly into overbought territory. Daily chart for the STI is also negative, as MACD just cut below the zero line. (which is more prone to whipsaws, as opposed to the weekly one). The 2 full candles below the trendline is a reasonable break. Expect pullback and prices to test the resistance (trendline itself) Be safe. |
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