SGX 110708

After hitting a low of 6.50 on 8 jul, SGX managed to recover and trade above the 6.68 support (red --). SGX also broke, and closed above the downtrend resistance (upp red) and 6.92 resistance (green ...) today.

Are we looking at the start of a reversal for SGX? For that to happen, SGX would at least have to open above the downtrend resistance (upp red) on monday, and ideally trade above the 6.92 support (green ...) too.

If that happens, we could see SGX test the 7.10 resistance (red ...) and even the 1st long term downtrend resistance (mid pink).

But if SGX opens below the downtrend resistance (upp red), then the 6.68 support could be severely tested, or even broken. If that happens, we could see SGX testing the uptrend support (low blue), or even the 6.43 support (green --).



For monday :

Support @ 6.92 (green ...), 6.81 (upp red), 6.68 (red --), 6.51 (low blue), 6.43 (low red, green --)
Resistance @ 7.10 (red ...), 7.16 (upp blue), 7.27 (mid pink), 7.40 (pink --)

Hope you find my analysis helpful. Thank you for your support !!