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Wednesday, July 24, 2013

STI At Three Week High

Message from FB "Trader Kakis Group",

A quick review for yesterday. US+22, SSE+39@2043, HSI+499@21915. Shanghai and HangSeng buying up after China PM said will keep growth above 7%.

STI+19@3253 yesterday. Refer to chart below:
1. It crossed above all 3 MAs, which is bullish sign
2. Daily chart formed High high and high low on close yesterday, indicating uptrend.
3. MACD 4R1G and MACD line shows bullishness
4. STI at its 3 weeks high 3258 and is also beneath its previous resistance level.
5. its 50% fib level at 3265(0%@3465, 100%@3065),bullish bias if above it.

Continue mind the trend as trend is our friend. Watch price action( candlestick) at resistance level for early trend reversal.

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