STI confirms a Lower High, looking for Lower Low
The STI had a bit of a ranging week but was dragged down slightly. No bull in sight, nor bullish opportunity as yet another lower high was registered. Previously marked (yellow ellipse) of the first lower high, another lower high was registered last week (fuschia ellipse). And last week’s movement was very significant in foretelling the underlying sentiment. This was the second failure of the 55EMA in July, breaking down into a support range, and MACD is crossing down into the bearish territory (today at current levels). I had adjusted the widening wedge support to the most open level, and this morning (Monday) the STI is testing that support.
Breaking down and out of this widening wedge is very ominous for the STI as there would be a deeper downside target.
UNLESS, over this week, there is a huge rally that brings the STI to bounce off the support and rally upwards, there is currently a bearish bias for the week. Having said that, the momentum is not signaling the risk of a waterfall, but appears likely to retest the support it broke in the coming weeks.
The system has had a Sell signal since 15 June and had not triggered the training stop despite a rather wide range for the past four weeks.
Checking back, it is worthy to note that previous related published ideas are correct; if at all, 5 July published idea of the bulls return was short lived (on a weekly basis).
Do click on the little triangles on the top of the candles for quick reference!
IF anyone can see a decent bullish case, do leave a comment and share. I only say it as I see it, and am open to other perspectives if there are any valid scenarios.
Truly appreciate your comments.
Have a good week ahead...
Breaking down and out of this widening wedge is very ominous for the STI as there would be a deeper downside target.
UNLESS, over this week, there is a huge rally that brings the STI to bounce off the support and rally upwards, there is currently a bearish bias for the week. Having said that, the momentum is not signaling the risk of a waterfall, but appears likely to retest the support it broke in the coming weeks.
The system has had a Sell signal since 15 June and had not triggered the training stop despite a rather wide range for the past four weeks.
Checking back, it is worthy to note that previous related published ideas are correct; if at all, 5 July published idea of the bulls return was short lived (on a weekly basis).
Do click on the little triangles on the top of the candles for quick reference!
IF anyone can see a decent bullish case, do leave a comment and share. I only say it as I see it, and am open to other perspectives if there are any valid scenarios.
Truly appreciate your comments.
Have a good week ahead...
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