Next potential support levels for Straits Times Index

80% firmly broken

2839.88 appears to be firmly broken today with a more than 1% loss. Gainers to losers ratio is 78:247 which in my opinion gives a lot of credibility to the move.

STI at 2790.96 | Source: SGX.com

STI at 2790.96 | Source: SGX.com

 

Where are the next supports?

The next potential levels I am looking at are the 75 and 70 percent marks. These are projections and can only be verified by price action later. 70% would be a key psychological level but if we use precedence as a guide, it appears that between 2011 – present, the 2660 – 2700 region (75% retracement) was quite an effective turning point.

2 potential support zones for Straits Times Index on the weekly chart

2 potential support zones for Straits Times Index on the weekly chart

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Soh Tiong Hum is Director of TerraSeeds Market Technician Pte Ltd. TerraSeeds is a trading educator in Singapore since 2005. Soh Tiong Hum is a member and regular speaker at Technical Analysts Society Singapore events and has a bi-monthly lunch time event at IG Singapore on forex and stock markets. He is an avid blogger on technical analysis topics; his Twitter account @sohtionghum was ranked #23 out of The Top 70 Twitter Accounts To Follow In 2015 by MahiFX. Come find Tiong Hum on Google+
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