The spike higher Thursday lacked follow through, marginally trading above the 21-DMA (Sgd1.2492). Current focus remains on the 2014 lows with bears favouring a break lower while the 55-DMA caps with immediate focus then shifting to Oct 2013 monthly lows. Bulls need a close above the 55-DMA to confirm an easing of bearish pressure. Overall a close above the 200-DMA (Sgd1.2568) is needed to end bearish hopes and shift immediate focus to the Sgd1.2650 level.
RES 4: Sgd1.2545 – High June 18
RES 3: Sgd1.2516 – 55-DMA
RES 2: Sgd1.2503 – Falling daily trend line
RES 1: Sgd1.2497 – High July 3
LPRICE: Sgd1.2473
SUP 1: Sgd1.2450 – 2014 low Apr 9
SUP 2: Sgd1.2342 – Monthly low Oct 2013
SUP 3: Sgd1.2268 – Monthly low May 8 2013
SUP 4: Sgd1.2195 – 2013 low Jan 2 2013
Fresh 2014 and multi-year lows combined with continued bearish closes bode well for bears targeting sub Krw1000.0 levels. Bulls now look for a close above the Krw1012.5 level to confirm an easing of bearish focus whereas a close above Krw1025.9 is needed to end bearish hopes and hint at a move back to the Krw1042.0-1050.6 region. The only concern for bears are closes below the lower Bolli which are usually unsustainable but for now they continue.
RES 4: Krw1025.9 – High June 3
RES 3: Krw1021.4 – High June 25
RES 2: Krw1015.5 – Previous daily support now resistance
RES 1: Krw1012.5 – High July 1
LPRICE: Krw1008.4
SUP 1: Krw1000.0 – Psychological support
SUP 2: Krw995.6 – Monthly low July 10 2008
SUP 3: Krw971.3 – Monthly Low Apr 7 2008
SUP 4: Krw955.9 – Low Mar 7 2008
The move lower continued Thursday with the result being a bearish close at fresh 2014 lows. Overall focus now shifts to the Myr3.1295 Oct 2013 monthly low with immediate focus on the 100-WMA. A close below the 100-WMA was last seen in late May 2013 with a close below seen as a significant bearish event. Bulls now need a close above Thursday’s Myr3.2100 high to ease bearish pressure and above the 55-DMA to hint at a bigger bounce.
RES 4: Myr3.2289 – 55-DMA
RES 3: Myr3.2205 – High June 26
RES 2: Myr3.2100 – High July 3
RES 1: Myr3.2010 – Previous daily support now resistance
LPRICE: Myr3.1933
SUP 1: Myr3.1847 – Weekly Bollinger band base
SUP 2: Myr3.1715 – Low Nov 11 2013
SUP 3: Myr3.1638 – 100-WMA
SUP 4: Myr3.1295 – Monthly low Oct 28 2013
The bounce from Tuesday’s fresh 3 month lows, 100-DMA and Bolli base remained capped ahead of the 21-DMA and Cnh6.2213 resistance with bulls needing a close above this region to confirm an easing of bearish pressure. Overall a close above Cnh6.2361 is needed to end bearish hopes and target 2014 highs. Bears continue to look for close below the 100-DMA but downside follow through may be limited given the proximity of the Bolli band base.
RES 4: Cnh6.2632 – High June 5
RES 3: Cnh6.2361 – High June 25
RES 2: Cnh6.2213 – Low June 24 now resistance
RES 1: Cnh6.2201 – 21-DMA
LPRICE: Cnh6.2103
SUP 1: Cnh6.2003 – 100-DMA
SUP 2: Cnh6.1957 – 21-WMA
SUP 3: Cnh6.1850 – Low Apr 9
SUP 4: Cnh6.1705 – Low Mar 25
The close below php43.730 added further weight to the bearish case with bears initially focused on the 2014 low. Fresh 2014 lows then see focus shift to layers of support in the Php42.977-43.180 region which include the 200-WMA (Php42.977). Bulls look for a close above Php43.730 to ease the bearish pressure a little but layers of resistance remain in the Php43.960-44.137 region with a close above to shift focus to the Php44.790 Apr 25 high.
RES 4: Php44.137 – 200-DMA
RES 3: Php43.968 – 55-DMA
RES 2: Php43.960 – Low June 18 now resistance
RES 1: Php43.730 – Low June 20 now resistance
LPRICE: Php43.600
SUP 1: Php43.514 – Bollinger band base
SUP 2: Php43.510 – 2014 Low June 9
SUP 3: Php43.470 – Low Nov 14 2013
SUP 4: Php43.180 – Low Nov 8 2013
After having spent the better part of the last three weeks chopping around the 55 & 100-DMA’s and capped by the 21-DMA bearish pressure is starting to take its toll. The break below the previous Thb32.35 support sees immediate focus shift to the Thb32.18-29 region. Bulls now need a close above Wednesday’s high to ease bearish pressure while a close back above Thb32.54 is needed to shift overall focus back to the Thb32.73-90 region.
RES 4: Thb32.73 – Previous daily support now resistance
RES 3: Thb32.54 – High June 18
RES 2: Thb32.50 – High June 27
RES 1: Thb32.46 – High July 2
LPRICE: Thb32.33
SUP 1: Thb32.29 – Low May 5
SUP 2: Thb32.25 – 200-DMA
SUP 3: Thb32.18 – Low Apr 28
SUP 4: Thb32.10 – Monthly Low Apr 10
