SIA TA chart 03-10-2008
Here’s my take on the technical analysis chart on SIA.
It’s one of my favourites now because it is trading within a band between the figures of $14 and $16. The support has been touched 3 times and it can be concluded as very firm. I have posted in a previous post when the bailout did not go through, that SIA might be testing this support level of $13.9. Charting it today shows how beautiful the support was tested and not broken. (See below)
The triangle is redrawn and it’s still in the downtrend. My personal take is that it will stay within the triangle till it makes a decisive move downside or upside out of the triangle. A huge volume will confirm that. I believe this trigger will be from the US side as well on more information on the bailout over the next few days.
Bollinger band and RSI points to an ‘up’ on monday. You’ll never know.
I really hope the support does not break down else there goes the nice trading band where money can be made.
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