STI broke down just today.
Quick but significant development today... the STI weakened to clock lower low (close). In doing so, it had broken down below the widening wedge support with a decisive candle to end the day. It failed the retest of the 55EMA on Wednesday and broke down today (Thursday). The next couple of trading days would be significant as it should be heading about another 30-40 points lower before looking for a bounce off the support level, to retest the support turned resistance line of the widening wedge, at best bullish case.
MACD is bearish but not waterfall inducing bearish, more like a slow bleed out.
2560 support needs to hold up, else downside target is marked.
MACD is bearish but not waterfall inducing bearish, more like a slow bleed out.
2560 support needs to hold up, else downside target is marked.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.