DJI - Where is uncle Jones heading to?

DJI has closed at 8479 on 25 Nov 2008.

It is currently supported at 8175 followed by 7552 (recent low). Current resistance is at 8567, followed by 8800. If it manage to break its top trend line at around 8800, next resistance will be at 9253, followed by 9625. Very strong resistance at 10,000.

MACD is currently showing a bullish divergence, it need to clear the resistance at 8800 first to show some short term bullishness. But take note that market is still fundamentally weak, any rebounce likely to be short term.

STI - Where are we heading to?

STI has closed at 1653 on 25 Nov 08.

Currently it is supported at 1600, falling below it may see it moving towards 1500, next support will be at 1473 (recent low).

Its current resistance is at 1682 (Top Trend line). If it manage to break out of the resistance, we will see it moving towards next resistance at around 1750. Subsequent resistance is at around 1880 followed by 1980 which will be another strong resistance.

Although MACD is showing possible crossover and a bullish divergence. It need to clear the resistance at 1682 first.

As market is still fundamentally weak, any rebounce is likely to be short term. Long term indicator is still showing sign of weakness.

Hang Seng Index Showing Sign of Reversal?

After falling below the support at bottom trend line on 15 Aug 08, HSI has made a small rebounce and closed at 21,056 on yesterday.

Currently there is a strong resistance at 21,337 (20d EMA) and 21,460 (the previous bottom trend line). Although MACD is showing potential positive divergence but we need to know not all divergence will succeed. In order for the divergence to be a positive one, it need to clear the resistance at 20d EMA and 50d EMA (which coincide with the top trend line) as well.

If the resistance at 21,460 cannot be cleared, next support will be at 20,000.

Straits Times Index Breaking its Support at 2746.

STI has closed at 2728 breaking its support at 2746.

Next support level will be at 2665 follow by 2500 which is one of the main support. All indicators are still in bearish region, from daily chart to monthly chart.