Primary Trend (6mths or more) : Bearish
Secondary Trend (1-6mths) : Bearish
Short Term(1mths or less) : Bearish
Long Term Trades : Not Preferred
Mid Term Trades : Not Preferred
Short Term Trades: Not Preferred
Levels to watch:
Resistance 2: 3,100
Resistance 1: 2,950
Support 1: 2,820
Support 2: 2,740
Probable STI Movement
Preferred : Sideways near 2,820-2,880 range
Alternate : Bearish downward movement towards 2,740
Remarks: STI continued its bearish movement towards Support 1 but closed the week at 2,859.12. The downtrend movement is likely to move to a range movement as we observed that the ROC(10), momentum indicator, downtrend line is broken. This signals a slowdown is in the selling momentum.
Comments on STI Technical View
Primary Trend is bearish as 55 Days SMA is trading below the 144 Days SMA, and 144 Days SMA continues to be downward sloping.
Secondary Trend is bearish as MACD continues to be bearish and trades below the zero line.
Minor Trend is neutral as ROC(10) continues to trade below zero but downtrend line is broken.
Technical Terms (StockCharts.com):
Moving Average Convergence/Divergence Oscillator (MACD)
Support and Resistance
Rate of Change (ROC)