Weekly vs Daily chart : CollinSeow.com – Singapore Remisier Stocks Blog on Singapore Stock Market

Weekly vs Daily chart

Posted by Collin Seow on Monday, June 15, 2009 · Leave a Comment | 209 views |

posted on 10th June

Momentum (12)is now at 12 year high, this is really amazing. The last time the momentum is so high is 27.11.1998. The STI did pull back a after the rally, but not much and after that there was another big rally.

posted on 12th June

On the daily chart as posted previously, the STI momentum continue to show divergence signals.ie: price moving higher with momentum dropping.

For STI to continue going higher , it need to break above 2420 which is the resistance at the moment.If STI can break above 2420 , the momentum is likely to break the downtrendline B, which will bring us to about 2600.

So for now , just wait and see. Also , I will try to lighten up until clearer signal.My personal view.

There is no contradiction of the 2 view. Why?

this is because posted on the 10th is a weekly chart but posted on 12th is a daily chart.

Let me try to explain using simple English.

Weekly charts= any drop maybe temporary halt of the uptrend. After resting for a while , my view on weekly , we maystill make another high .

Daily charts = already showing divergence in momentum , so consolidation may to happen. My view is if trading the daily charts you can consider reduce exposure and wait for a correction to buy again.Knowing that the weekly charts still have a lot of upward momentum mean that the correction may be shallow.

Resistance is 2420 and support 2270 .

Hope this help

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