Straits Times Index (STI) has been trading within a Symmetrical Triangle for 3 months but broken down with a long bearish candle last trading day. This breakdown of a Symmetrical Triangle may send STI index down to 3,000 level which is also a psychological support level.
Also take note that the current STI is trading below all 4 Moving Averages (20D, 50D, 100D and 200D), 20D MA is crossing down 200D MA, MACD in Bearish Convergence region…. other technical indicators are also showing the bearish momentum of STI index.
I am bearish on STI in the coming weeks. Any BULL out there to share your view?