Bulls are back at the STI
The STI broke down the week before, and suddenly a reversal to rally came back for later part of the week, closing the week with a bullish engulfing candlestick pattern, and keeping inside the (adjusted) widening wedge.
Technically, the weekly chart is bullish, with current candlestick pattern being bullish, there may be an attempt to work towards meeting the 55EMA, or at least near the last high. Over the next couple of weeks.
Note also, that for the coming week, Friday is polling day for the General Elections and it is expected for the incumbent government to continue being in charge. Hence, likely to follow through with a bullish market for the coming two weeks, at least.
As for the downside target, it has to be put on hold for now, obviously.
Technically, the weekly chart is bullish, with current candlestick pattern being bullish, there may be an attempt to work towards meeting the 55EMA, or at least near the last high. Over the next couple of weeks.
Note also, that for the coming week, Friday is polling day for the General Elections and it is expected for the incumbent government to continue being in charge. Hence, likely to follow through with a bullish market for the coming two weeks, at least.
As for the downside target, it has to be put on hold for now, obviously.
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