Beginning of the week

Nothing interesting on the charts yesterday so din blog yesterday. Well, the market has been singing the same tune for the past one to two months so i am really doing lots of waiting now.

I spotted something on the STI chart today. The level of near 3406 is now acting as resistance. Coincidentally, the 100d EMA is near that level too. So there are two levels of resistance acting around the same level so this is one tough resistance to break.

I notice how STI has tested this level for the past 3 closings by having a high that reached that level but it failed to close above this level. If it can reach that level and failed to close above it, i consider this to be bearish. If it break above that level, that level will likely be a support level for the next few days. Notice also how the volume is also very light for the past 2 days but i am not drawing any deductions from this piece of information. Now i'm just waiting for a higher high to happen.

Straits Times Index Chart: