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| Picture: Daily chart of STI, via TradingView. |
The bulls made a slight advancement
The bulls made a pullback to retest the broken 2nd support region, as mentioned in my previous STI analysis article.
However, STI failed to break the resistance with two red candlesticks on last Tuesday and Wednesday.
The bulls made a 2nd advancement
Without giving up, the bulls continued to be persistent by making a 2nd round of retesting towards the region. Based on Thursday and Friday's candlesticks, it shown signs of bullish strength.
Friday's candlestick was a strong indication. The tall lower shadow would mean that during the session, the bears attempted to pull the STI down but was met with strong demand buying up.
Evidently, the bulls had won slightly for the week of 28 Sep.
What can happen to STI next week?
With the pullback touching the 2nd support region and closing on it, this region will be critical to watch out for any price movements. Should the STI be able to return towards above its 2nd support region, the bulls may stand a good chance to dominate the movement.
This would be a long standstill as I am still looking for a breakthrough in STI on either side as mentioned before.
