STI opened lower, dropped 40 points this morning.
I received questions why is 3050 an entry for consideration.
1. STI has been moving around 3050 since July.
2. Notice the yellow channel? There is a chance that it is a mini rebound, moving away and out from the downtrend channel.
3. For the yellow channel to be invalid, STI has to drop past 3050. In other words, breaking out of the yellow channel, rendering it invalid.
4. If the level 3050 is supported, it could also mean STI may move within the yellow channel upwards.
Please be reminded these are references and guidelines. There are no absolute charts, training coaches or charting software in the market can predict the next move or turn. For my friends who are seeking free charting software, you may look at https://www.tradingview.com/
Feel free to share your thoughts or any news.
my 2 cents.
