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As mentioned my last post, I mentioned that I am looking at 10% to 20% fall from the recent peak of 2900. With that, the index may fall till 2500 in Mar 10. Currently the index has reached 2757.
Support/Resistance:
The graph has broken the minor up trend support line. It seems to be forming a bear flag pattern. In my opinion, it is not a good buying opportunity now.
Indicators:
Looking at the MACD, RSI and Stochastic, the three indicators are going downtrend. If these indicators continue to fall further in the next two weeks, it may be a good buying opportunity.
My Target Price:
I will be buying STI ETF, if the index reaches 2550.
Please note that I am using TA to position myself for long term investing and not to predict the direction of the market.
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