Pages

Friday 14 March 2014

Recap and what's next?

Anyone remember the 3 important things that I mentioned about STI?  If no, refer to what I posted on
21-Feb http://achua138.blogspot.sg/2014/02/two-pressure-acting-on-sti-gap-plus.html,
26-Feb http://achua138.blogspot.sg/2014/02/i-do-not-like-idea-of-open-high-close.html
and 3-Mar http://achua138.blogspot.sg/2014/03/sti-supprt-level-fibo-50618.html . 

Have you got the answer?  If still not quite, let me summaries it:-
  • 21-Feb, I mentioned that two pressures are acting on STI - Fibo and gap.  If it broke that 3099 resistant, the next resistant level that I will be looking at is between the range of 3130 to 3150.
  • 26-Feb, I said that I do not like the idea of "Opened High Closed Low".  With that four continuous opened high, closed low candles, I declare that the smooth rebound has come to an end.  Even if it will to test 2013YEC 3167, the road is going to be bumpy. 
  • 3-Mar, reference to the first chart, I asked this question - whole picture tells you STI is on an up trend or down trend?  Nothing much happen to Ukraine and with acceptable US reports, STI will rebound but watch out the decline line that I drew.  If the market flip, refer to the second charting which I had reverted the Fibo.  And look for first support level at 50~61.8% and second support at............
All the above come true.  The smooth rebound came to an end.  Ukraine issue caused the market to retrace but rebounded.  However when it touched that decline line which is also Fibo 23.6% resistant , it formed a shooting star.  A long shadow reached the height of 3145, then the market opened with a gap down over the next two days and also today. 

How I foresee and came out with all these.  Simple.  Just let me show you three of the important STI stocks - Banks.  Look at the 3 charting, what did you see?  Did you see lower low lower high?  The charts are indicating an up trend or down trend?   

So what's next?  Support, for the time mean look at Fibo.  First support at Fibo 50~61.8%, then follow by 38.2%..... Also know who is the big and second brothers.  Respect them and monitor them closely.  Thirdly, what is happening around the world like the recent one, Ukraine. 

When I know the market is about to turn?  Base on TA, at this time look for candle pattern especially at level and any pattern formed or change like inverted head and shoulder, ...........And do not forget the 2013YEC psychology level.
 

No comments:

Post a Comment