SGX 130608

SGX continued to weaken further after breaking the 7.40 support (pink --). However, it has managed to stay above the long term downtrend support (mid red), and uptrend support (low blue).

SGX looks to have formed a double-top formation, with peaks on 4 apr and 7 mar. Neckline is still the 7.40 support (pink --). So it'll be critical for SGX to stay above this support to have any chance of a recovery.

However, if SGX breaks the 7.40 support (pink --), and the long term downtrend support (mid red), the next support could be at the 7.00 level, where the long term downtrend support (low red) meets the downtrend support (low pink).



For monday :

Support @ 7.36 (low blue), 7.204 (mid red), 7.063 (low pink),
Resistance @ 7.40 (pink --), 7.63 (blue --), 7.73 (mid pink), 7.86 (upp blue), 8.00 (upp red, blue ...)

Hope you find my analysis helpful. Thank you !!