STI has closed at 1829.71 in the first trading day of 2009, breaking the top trendline of the triangle. Current resistance is at 1831 follow by 1885 and 1933. If it managed to break the resistance at 1933, another strong resistance will be at 2062.
Let's look at the monthly chart for a bigger picture.
In monthly chart, we can see the although the price has fallen below the long term trendline but still managed to close above it. If STI is able to close above 1806, we will see a reversal candlestick pattern and the chances for it to move further up will be higher. Current main resistance in monthly chart is at 2100.
In my own opinion, it is still better to go for long term. As market is still violatile and it may or may not be bottom out, so it is better to go for long term and accumulate along the way. Just like what Warren Buffet is doing.
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