This coming week will be a pivotal week for the Dow Jones as it is very near to a major resistance level. Such major resistance or support level offers a good reward to risk ratios for taking up positions. Major resistance level for the Dow Jones is around 12760 and volume has been declining for this current uptrend. Another bonus is that the A/D line and the MACD histograms are showing divergences. I will be watching the 12760 level closely to be tested successfully as a resistance level.
Anyway, i drew the vertical lines to show the divergences in the indicators more clearly. It can be seen that as price made a higher level. these indicators did not manage to breach their highs.
Dow Jones Industrial Average:
For the Straits Times Index, it is not converging well with the Dow Jones. It broke through it's prior resistance level though it seems to be done with declining volume. Currently there are no divergences in the STI and there is a continuation gap acting as a support at around 3064. My opinion on the STI is rather unclear now though.
Straits Times Index:
Sunday, April 6, 2008
Weekend review for DJIA and STI
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