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Rally led by retailers
Dow Jones broke above the 200d MA and along with the other MAs used in my chart, namely the 50d and the 100d MA and that is a bullish sign. Next resistance will be the prior peak level around 13767. Overall, it's a good sign that DJIA is finally recovering.Dow Jones Industrial Average:I do have more observations on the Straits Times Index. STI is still below the 200d MA but given that DJIA is now above the 200d MA, STI should be testing it soon subsequently. Next resistance level will be the prior peak level which is at around 3621. A breakout above this resistance will result in a double bottoms formation technically.Today's trading volume was exceptionally light though it was a full trading day. The 2nd last closing's volume was light because STI only traded for half a day. This would mean that the rally was led by the retailers and the funds are still not back yet and that does not sound very good to me. I predict when will they be back though most speculate that they will be back after the new year. Howe
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