STI really opened with a gap down today indeed. The support of around 3685 which was the prior resistance and the fibbonacci retracement of 23.6% din hold as support. Currently, it is residing on the 50d EMA. Can't really tell where it will fall to. A lot will depend on the Dow Jones later. If the 50d EMA fails to hold as well, the next support will be the level where there is a confluence of the 38.2% fibbonacci retracement and the 100d EMA.
Straits Times Index:
Monday, October 22, 2007
Straits Times Index free falling
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