With news of the Japan earthquake & nuclear crisis easing, no further aggravation of Libya’s bombardments, coupled with technical recoveries of US markets (Dow Jones Index, S&P, Nasdaq), Straits Times Index (STI) has also make some good headway with its index value staging a good recovery for almost a week from the trench support. It is now at a crucial juncture where it tests few major resistance at 3080-3100. If it clears 3125 with good volume, we are definitely seeing the index to retest the highs set during last Nov 2010.
RSI/STO/MACD are all very encouraging with ROC even showing bullish divergence. OBV is also picking up in momentum and we need to see the daily volumes of 1.5 bil to signify a genuine break up.
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