STI seems to have broke out of the reverse head and shoulders formation but it din really broke out nicely. The breaking of the trendline was not coupled with heavy volume and on the last closing, STI seems to have fall back on the resistive turn supportive trendline with heavy volume. The bearish divergences on the indicators are still intact.
Straits Times Index:
Wednesday, May 7, 2008
STI breaking out of head and shoulders
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