STI has traded above the 3200 support for more than a month till 1 week ago when it broke this support and world markets started selling off. It has since come down to about 3090 currently as of now. The next critical support that we should look at is 3055 to 3065 level. Sti went to a low of 3055 yesterday before closing higher at 3089. From the charts, we can see that the support set in June 2 months back was about 3065 before it rebounded sharply back to above 3250. This would definitely be a strong support level to watch. Sti trading range would mostly like be from 3055 to 3100 for the next few days. A break below 3050 will serve as a confirmation of more weakness which can lead to 3000 being tested. Only the upside breakout of 3110 will invalidate out bearish scenario, in this case a recovery should shape towards 3180.
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