Weekly:
Spread is definitely larger than last week. Price now close somewhere in the middle, suggesting some degree of bargain hunting by investors. If we take last Nov high and recent July high as double top pattern (not perfect though), the downside projection is around the range 2660 - 2700. There is also a downwards channel forming on weekly, and the circled region is the confluence of 3 big technical important things: 38.2 fib retracement, resistance from previous swing lows, edge of channel, and the 2900 psychological level.
Daily:
On the daily, there is a hammer formed on Thursday followed by a rally on Friday. Short term, I believe we will start next week with a rally towards that dreadful confluence resistance zone 2900 - 2915 before further downside to the projected target.
That sounds like all we can get from technical analysis. But this market is now so fragile and is essentially sentiment driven. Sentiment can switch from headlines to headlines. At this volatile time, remember capital is king... Protect your capital to fight another day!
Happy profiting!!!
* SGX REACH will come online tomorrow, so expect volatility to reign in local market with HFT!!! It will never be the same again once computers take over... Argh!!!
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