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.
