Straits Asia 270209

Straits Asia formed a triple top on 10 dec, 7 jan and 2 feb. The neckline support for this triple top formation is about 0.865 (red --), which would give us a baseline support for the triple top formation at 73 cents, just below the 0.740 support (blue ...). which Straits Asia almost tested on 23 feb.

However, there was a strong rebound the day after (24 feb) and we saw Straits Asia closing above the 0.820 resistance (pink --). There wasn't any momentum and 2 days later, which is today, we saw Straits Asia closing below the 0.820 level.

We might see Straits Asia trading between the 0.795 support (green --) and 0.820 resistance (pink --) for the time being.

What would be more crucial is if Straits Asia breaks the 0.795 support, as well as the 0.785 level (where 3 trendlines converge), it could mean a drop at least to the 0.740 support (blue ...).


For monday :

Support @ 0.795 (green --), 0.785 (pink ...), 0.775 (low blue), 0.750 (low pink), 0.740 (blue ...)
Resistance @ 0.820 (pink --), 0.825 (upp pink, upp blue), 0.845 (red ...), 0.865 (red --), 0.900 (blue --)