Trend: Sideway, downside bias

Instead of charging through 3200, STI went sideway last week; range bound by about 60 pts. This is a sign that the bull waves that started a month ago has lost its momentum. The sideway trend is likely to continue into this week. STI failure to break 3200 last week, will make it even for difficult to break 3200 this week. As such STI is expected to range bound between 3180 to 3120. Intermediate terms traders may like to take some profit and to recover some capital on their long positions. And wait for opportunity to buy on dip. Short term traders may like to stay sideline this week.