Weekend review of STI and DJIA

For the Dow Jones, the current channel resistance seems to be broken. However, the volume still remains to be very heavy so one should be prudent. DJIA seems to be building a base as we notice that the low of friday was higher den the low of on wednesday. As of now, it is better to wait for subsequent closings before deciding whether the bottom has been reached technically.

Dow Jones Industrial Average:


As for the Straits Times Index, chartnexus is not uploading the latest data anymore until further notice due to a revamp in the components of the STI. I'm not sure how long this will take though i am expecting the uploading of the data to be resumed in a few weeks time. Meanwhile, i am trying hard to find online charts of the new STI so if there is any websites showing the STI chart, do tell me about it.

A lot of charts broke their support on Friday's poor closing. There is one interesting counter though and that is yangzijiang. It is interesting because it is a fundamentally sound counter yet it plunged down with the rest of the counters on Friday.

It broke out of it's descending triangle formation with heavy volume. Notice that $1.86 has been a strong level of support so once this support is broken, there is heavy selling. The price objective approximated by the descending triangle formation is around $1.51. Coincidentally, $1.51 was the lowest closing support level in August thus $1.51 is likely to remain as a strong support technically given the confluence of the above two technical factors.

Yangzijiang: