I used monthly chart to filter out noices and hoping to detect any new trend.
- MacD histogram indicating that STI is begining a new phase.
- Comparing Jan 10 candle with Dec 09, it is showing bull and bear are in equal confrontation ! Similar to Mar 09 with piercing white candle before bull confirmation in Apr 09
- While Feb 10 candle is still forming, market sentiment is more downward pressure,if close below the 2700, bear win. However, the verdic is still depeding whether the 50m MA is strong enough to hold the pressure within next week.
- If Feb 10 is holding above 50m MA, strongly suspect sideway market to be followed.
- From past trend, STI has been trading within channel, it will be good to detect the new channel as soon as it formed.
Daily chart
- Candle analysis - Hammer, potential rebound.
- Indicators - MacD 4G1R, stochastic and RSI are bearish
- Resistance at raising window and 50d MA could restrict the upward move.
- No bullish divergence
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