ST Engineering 270309

Ever since hitting a low 2.06 on 17 feb, ST Engrg has been climbing steadily, culminating in its testing of the 2.50 resistance (red ...) today.

We could be looking at ST Engrg trading sideways as it tries to build a base, similar to what it did at the beginning of the year. We could be looking trades between the 2.44 support (pink ...) and 2.50 resistance (red ...).

If ST Engrg can continue to trade within the uptrend channel (blue), we might see it consolidate at the 2.48 level, which is where the long term downtrend resistance (upp red) meets the short term uptrend support (mid green) sometime towards the end of next week.

However, if ST Engrg fails to break the 2.50 resistance by next week, we could see it revisit the 2.40 support (pink --), or even the 2.38 support (blue ...).


For monday :

Support @ 2.44 (low blue, pink ...), 2.43 (mid red), 2.42 (mid green), 2.40 (pink --), 2.39 (low red), 2.38 (blue ...), 2.36 (blue --)

Resistance @ 2.48 (red --), 2.50 (red ...), 2.506 (upp red, upp blue), 2.515 (upp green), 2.52, 2.54