Weekend review of DJIA and STI

In my last post, i spotted a doji forming on a resistive trendline on the Dow Jones. And the very next thing was it rebounded off the resistive trendline and it closed very badly on last Friday's closing. I am more inclined to suggest that the candlestick for DJIA on monday should be relatively small since it is unlikely for very bad closings to repeat over and over again.

Currently, DJIA is supported on a minor trendline but last friday's candlestick was done with heavy volume so the move downwards should be relatively huge if it happens.

Dow Jones Industrial Average:


Currently, the Straits Times Index is forming a ascending triangle formation after rebounded off the resistive trendline. There is a slight MACD histogram bearish divergence. Similarly to the DJIA, there was a huge volume for last Friday's closing.

Straits Times Index:


I spotted quite a few counters trending with regularity. Sembcorp is one of those counters. It just rebounded off it's resistive trendline. Notice that there is a breakaway gap at $4.97 and we can use that as a resistance level to short. However, I think the current price has gone too far south so it may not hit this level again.

Sembcorp: