Saturday, December 29, 2007
While going through the chart on STI to check the week's performance, something caught my attention. I have a question.
Which MACD should I refer to? Weekly or Daily?
Daily Chart:
Weekly Chart:
From these 2 charts, I derived something, I will take my eyes off the market next year this time. the volume is so LOW, disgustingly LOW.
A few postings ago, I've said that the latest downtrend has ended and might spark off a new trend. With the gap up being supported and sustained despite the low vol, STI still looks ok, with a support at about the range of 3300, tested twice.
It is almost testing the resistance line since November, maybe in the next few trading days, which we shall see. Else it'll be once again, downhill all the way.
Too bad, it failed when testing the 200MA.
Goods news into the new year or bad news...........
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2 comments:
I would look at the daily one, for shorter term horizon and for timing my entry/exit.
I feel that looking at the weekly chart allows one to have a gerneral feel of the longer term trend. Analysis can be done on the daily chart to time entry points.
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