Technical Brief – 7th Jul 2009

Good morning everyone. Let’s take a quick look.
I still like what I see on yanlord. At least for now.

DJIA is forming a mini head and shoulders. The support at 8250 thererabouts MUST NOT crack, else expect a terrible royal flush on the downside.
On the STI, my interpretation is that any upside must come with volume. Without it, i will view it as a technical rebound as especially if it stops at resistance levels at 2280 and 2320. The sentiment is bearish due to obvious lower high formed and one should stay cautious. Immediate supports with 50MA at 2240 and then 2215. A break below these could very well bring things towards 2100.

Will come back to comment.. a lil later.

Have a good Tuesday everyone!