Straits Asia 051208

Straits Asia broke the long term downtrend resistance (upp red) last fri. It also tested the short-term downtrend resistance (upp pink), before closing the week right on the 0.840 neckline (pink ...). Although it was a breakout, the volume done on fri (38.6m) was just slightly more than half of thurs (50.3m), and fri was the third day Straits Asia was up.

You can see from the chart that the long term downtrend resistance (upp red) meets the uptrend support (mid blue) at the 0.795 support (green --). There's also another volume resistance at the 0.850 level (pink --) which Straits Asia tested last fri but couldn't break. It is also from this level (0.850) that Straits Asia tumbled on 12 nov.

If Straits Asia fail to break the 0.850 resistance this week, we could see it retreating to the 0.795 support.

However, if Straits Asia breaks the 0.850 resistance, we might see it flying at least to the 0.900 level, or even test the 0.920 neckline (green ...)


For tuesday :

Support @ 0.835 (pink ...), 0.795 (upp red, mid blue, green --), 0.740 (blue --), 0.725 (low blue), 0.710 (red --)
Resistance @ 0.850 (mid pink, pink --), 0.865 (upp blue), 0.920 (green ...), 0.950 (upp pink), 0.980 (red ...)