Directional movement indicators are neutral. ADX is falling, and DIs are positively placed. The STI had moved above both its 50- and 100-day moving average temporarily during late November.
Annual momentum continues to decline and this is likely to restrain rebounds and keep the index below its 200-day moving average. Support appears at at 3,058 initially and at 3.007 subsequently.
Venture Corp makes new one year low
Venture Corp made a new one-year low of $14.48 on Dec 14. Despite this, prices are still hanging on to the four-times tested support at the $14.50 area.
Quarterly momentum is flat. However, short term stochastics and 21-day RSI are falling, as is annual momentum.
These indicators are exerting downwards pressure. A break below $14.50 indicates a target of $11.50. A move above $15.40 invalidates the downside.
