Monday, January 28, 2020
STI gap down to open at 3172.73, which was below its 200ma and immediate (green) demand zone.
It then started to plunge lower at rapidly to reach the bottom of the 1st pull back level, 3144.10.
It rebounded very firmly, 45degree up in the min chart to close at 3181.25.
Day high was 3190.08, which is the the bottom level of the demand zone.
STI closed a long tailed Spinning Top candlestick above it previous consolidation zone, with a bullish hint.
But, will there be a follow through for the next 4 trading days this week.
Friday, January 24, 2020
STI closed the week at 3240.02, below its current uptrend channel and its 2018 May downtrend channel resistance. Hence, any bearish follow-through, I expect buy zone 3190 to 3216 to be tested before 200ma at around 3175. Note, STI 3190 has been a very important support level, see weekly chart.