The Straits Times Index (STI) retraced -0.56% (-15.93 points), implying the play of the weekly Bearish Shooting Star candle highlighted last week. This retracement also coincide with the gap resistance zone of 2,900-2,960 levels.
However, STI have exhibited its first major moving average golden cross (50DMA vs 200DMA) which was last witnessed in March 2019. The significance of this major MA golden cross is a midterm predictor for direction of its market index in the next 6-9 months. The major support to watch at this junction is at 2,785 level, a minor classical support established last week.
However, STI have exhibited its first major moving average golden cross (50DMA vs 200DMA) which was last witnessed in March 2019. The significance of this major MA golden cross is a midterm predictor for direction of its market index in the next 6-9 months. The major support to watch at this junction is at 2,785 level, a minor classical support established last week.