Straits Asia 090409

After breaking the 0.895 support (green --) and testing the crucial 0.865 support (blue ...) yesterday, Straits Asia managed to recover and even came close to test the 0.935 resistance (green ...). However, Straits Asia did not manage to close above the 0.915 resistance (blue --), which is quite formidable, based on the volume distribution bar.

If Straits Asia can maintain trading above the uptrend support (mid blue), we could see it trade sideways between the 0.935 resistance (green ...) and 0.895 support (green --) as it attempts to build a base.

If this happens, we could see some action towards the end of the week as the long term downtrend resistance (upp red) meets the uptrend support (mid blue) at the 0.910 resistance (blue --).

However, if Straits Asia breaks the 0.895 support (green --), we could see it test the 0.865 support (blue ...) again. And if the 0.865 support breaks as well, we could see Straits Asia revisit the 0.825 support (pink --) eventually.


For monday :

Support @ 0.895 (green --), 0.885 (mid blue, pink ...), 0.875 (red --), 0.865 (mid red, blue ...), 0.845 (red ...), 0.840 (low red), 0.825 (pink --)

Resistance @ 0.915 (blue --), 0.925 (upp blue), 0.935 (upp red), 0.940 (green ...), 0.975