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| Picture: Daily chart of STI, via TradingView. |
The bulls lost the battle
In my previous STI analysis article for the mid-week of 17 August (the article has since been removed), I mentioned that the bulls may regain control and make a turnaround.
However, it did not happen. The bears accelerated and caused a gap down on Thursday, with its low touching the 2nd support region.
The bulls tried again, but failed again
Before the market closed on Thursday, the bulls made an attempt to get itself above the support region. It even opened higher the next day. However, it did not last for long - the bears took back control and brought it down again.
Evidently, the bears had won during the week of 17 August.
What can happen to STI next week?
Despite being pulled down by the bears, both Thursday and Friday's close were at the same level that it seemed to have created a temporary support to prevent STI from falling further.
With that, I am looking at a possible bullish attempt to cover the previous down gap between last Wednesday and Thursday early next week. If the bulls succeed in their attempt, 1st resistance region will be its price target.
A failure, however, will bring the STI down back in an attempt to breach the 2nd support region.
Removal of STI mid-week edition
Unfortunately, I have to remove this edition. There are more priorities I have to focus on and it is definitely unproductive to spend time on a weekday writing an article, especially when I am doing this for free.
Moreover, too much analysis brings in paralysis. I had personally found it way harder to analyse the movement of STI just providing updates using only two to three candlesticks.
Therefore, in the future, The Opportunist Diary shall revert back to its original edition of having a STI analysis article every week.
As for the "Live" STI analysis edition, it will remained unavailable temporarily until I can sort out the video quality issue. There will be an update again on this once it has been resolved.
