STI Weekly Preview

Trend: Sideway

STI has broke its 200MA and ended the week at the 3000 region with a rebound on Friday. Is this a change in trend or a dead cat bounce?  Will it rebound and recover some ground this week?

Unfortunately the chart does not indicate any rebound. And any rebound is likely to be weak and range bound. STI will likely move sideway for a better part of this week. If STI can hold its ground around the 3000 region, then we may see some strength the following week. If STI unable to hold ground at 3000, the next stop is 2940.  Traders are better to stay sideline in this market.

STI Mid-week updates

Trend : Down

After consolidating around the MA200d, STI has made the decision to head further south, breaking all major support. We are now at 3000 region and can see from the chart that the next support is the 2940 region; another 60 pts away before we can see any relief. Trouble at ME and an over bought US market will provide the pricks to deflate STI to the 2940 region by next week.

Trend: Down
SIT is supported by MA200d and there is no sign of upside strength. The sell down on budget last Friday sets the tone for the early part of this week. There is a good chance it will come down to test the support at 3054 this week. As such, traders may like to stay sideline until clearer direction is established.

STI Weekly Preview

Trend: Sideway market.
STI is now supported by the MA200d and has gone into a consolidation phase. Consolidation is likely to last till the middle of the week and movement will be limited and range bound; 3040 to 3118. Intermediate traders and short term traders should stay sideline until a clearer direction emerges, likely middle of next week.