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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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Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.

“Dear reader, I do not have a financial license to give advice. I do not know you the reader. Your financial objective and risk tolerance may be different from mine. I am not responsible for any consequence of your action.

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