A period of uneasiness

Dow finally attained a new high after trending sideways for the past few weeks which is good news. On the STI, support is established firmly near 3652 after testing it twice for the past 2 days but it is still below the resistive trendline that was drawn from a few years back. We shall see how the STI performs when it test that trendline. Notice how the resistance that was tested for the past few weeks now turn to support. Classic case of resistance turn support.



Nothing reli interesting on my charts. Basically a few ascending triangles and double bottoms in the making but nothing confirmed yet. Saw 3 stocks from the steel industry rally to a new high though. I been monitoring SMRT and spotted some divergence.

SMRT: Prices trending sideways yet OBV trending higher so as of now it is accumulating. Tested the 50d EMA today. Tested near $2.00 for a few times but failed to close above it. A close above $2.00 would be very significant.