STI Index Is Still Bearish

STI recently broke above the cloud but only stay above the cloud for a single day. Today’s price candle was fully below the cloud. On the monthly chart, price is consolidating within a triangle. On the daily chart, price is also moving in a triangle. The cloud is also rather flat and not hinting of any strong trend. It is a sign of a flat and sideways movement.

We may see another couple of weeks where the index is stays within a range till a breakout of either boundary. Watch the upper and lower boundary for direction.

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