Straits Times Index- [ Hit Our Final Resistance, What We’re Looking At Now]algo investing.com/wp-content/uploads/2018/12/STI.png” alt=”Straits Times Index 3rd Dec 2018″ width=”965″ height=”548″ srcset=”http://algo investing.com/wp-content/uploads/2018/12/STI.png 965w, http://algo investing.com/wp-content/uploads/2018/12/STI-300×170.png 300w, http://algo investing.com/wp-content/uploads/2018/12/STI-768×436.png 768w, http://algo investing.com/wp-content/uploads/2018/12/STI-600×341.png 600w, http://algo investing.com/wp-content/uploads/2018/12/STI-715×406.png 715w” sizes=”(max-width: 965px) 100vw, 965px”>
Chart Source : Poemsview 3rd Dec 2018
Straits Times Index has hit our downtrend line which we projected for this round of rebound back in November. It has been lowered as the duration of rebound was longer than expected hence the target has been shifted down to 3130.
What are we looking for next? With discussion from the G20 summit about Trump holding off on raising China tariffs to 25% for 90 days, this might propel our Straits Times Index to break that downtrend line resistance.
One good point is that STI is currently holding above the 50ema. We might see an upside target of 3163 then 3189 if the that downtrend line is broken.
Let’s hope for positive and constructive discussion for the G20.
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