The Straits Times Index has confirmed the double bottom chart pattern. It closed above the 3170 resistance level strongly on Friday 2 May 2008.Moving in an uptrend. RSI is however getting close to overbought levels. This might be hit come Monday. I will be expecting a throwback soon as well.
Support levels are 3170 and 3000.
SMA/EMA crossover shows uptrend and the SMA and EMA lines are more or less parallel. Still has upside potential but prepare for a pullback once the lines diverge.Hang Seng Index
The HSI has been trading above the 200 MA for several days now. Also in uptrend. RSI in overbought territory.
Expect a throwback towards the 200 MA.
SMA/EMA crossover shows uptrend. Lines are more or less parallel like for the STI.Shanghai Stock Exchange
The SSE gapped up and is trading between the 25 and 50 day moving averages. Expect the 25 and 50 MA to be support and resistance respectively.RSI not yet in overbought territory. More upside noted.
SMA/EMA crossover has not indicated a trend change yet. However the lines appear to be starting to turn upwards.
Nikkei 225
The Nikkei is in an uptrend. But it has not broken above the highs of Feb 2008. RSI in overbought territory. A throwback is to be expected.
SMA/EMA crossover shows upward trend. 10 SMA is starting to diverge a bit more from the EMAs. Still some upside but throwback to follow shortly.
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