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.
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.