Market Analysis
Straits Times Index (STI):
The STI has retraced 194 points since January 24 at the back of high volume during the sharp plunge. It has found support at Fibonacci 23.6% confluence by the uptrend line and 200MA. It is likely the correction is not over yet. Next few major supports are 3200 (Fibo 38.2%), 3060 (Fibo 50%) and 2950 (Fibo 61.8%).
Despite the correction this far, the uptrend is still intact but not if the uptrend line and/or the 200MA is broken. At its current state, it warrants "Long Exit" but not "Short Entry" yet.
Dow Jone Industrial Average (DJIA):
The DJIA is currently supported at Fibonacci 23.6%. The uptrend is still intact as of now but not if the 200MA and/or the uptrend line is broken. Next few supports are 22400 (Fibo38.2%), 21000 (Fibo 50%) and 19600 (Fibo 61.8%). I don't quite believe the correction is over yet, it may last for several weeks if not months.
Labels: Market Action, Market Direction
posted by Market Wizards @ February 10, 2018
Comments: 0
