? Uptrend polarity has changed since STI broke the 2958-2950 support.
+ MacD signal still above 0 meant uptrend is still intact
- 20d/ 50d MA moving sideways seems loosing momentum
- Price action is trapped between 20d and 50d
Support and Resistance: Price near 2950 resistance
- Price action is near support turn resistance around 2950, confluence with 23.6%
- Price is below 20d MA
+ 2892 nearest support at 50d MA also confluence with 38.2% Fibo is strong
+ Cyclicity is good. Price retrace below 20d started to rebound. If continue upward, will resume uptrend. Good entry for long.
Candlestick Analysis : White engulfing with upper shadow resisted at 2950
Indicators:
+ RSI, Stochastic at oversold position
- RSI sideways is trendless
- Stochastic moving down has yet to crossover. More download pressure...
Strength/ Weakness:
-Direction of MA and RSI seems to favour sideways movement...
+ Polarity change from downtrending momentum
Key Levels:
- If price action failed to break 2950, it is forming lower high and expect the down trend may continue or trading sideways for near term
+ If price breaks 2950, if probably made another attemp to clear 3030 resistance.
