STI has broken down below the 2700 level of support I stated on my last post. Downtrend has resumed after a short technical rebound. In fact, at the time I am writing this post, STI has also broken the previous low of 2627. It remains to be seen if we can hold this crucial level of support by the end of the trading day. Failure to hold the level would add further downward pressure to the index.
From the weekly chart, we can derive the next support for STI at around 2530 level. Failure to hold that would see 2420, followed by around 2240.
The previously broken down level of 2680-2720 would now form the resistance level for STI.
Short term: Bearish
Mid term: Bearish
Long term: Bearish
DISCLAIMER: The opinions expressed in this blog are purely my own analysis of the market, and should not be taken as a purchase or sell advice. I am not responsible for any profits or losses should you act on my views.
Monday, October 3, 2011
STI Weekly Chart 03/10/2011
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