Auguraltrader

Bulls are back at the STI

Long
TVC:STI   Indice Straits Times
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.

Clause de non-responsabilité

Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.