In sum, the candlestick chart pattern is negative, and this is confirmed by short term RSI is at its equilibirium line indicating it has the potential to fall.
The market - as represented by the Straits Times Index - does not look good. Although the index rose around 14 points week-on-week to end at 3,205, the last two trading sessions caused the formation of two black candles. This happens when prices end the session lower than the open. In addition, the black candles have shaven tops and bottoms which implies the sessions opened at the high and closed at the low, for two consecutive days.
On June 30, the last trading day of 1H2023, the black candle was accompanied by a surge of volume. As this took place, because the close was little changed, short term RSI remains at neutral levels.
