From previous STI Direction analysis, STI did not managed to stay above the 3265 over the past few trading days and has traded lower back to next support at 3220 as mentioned. Today’s low seen as 3223 currently. This 3220 level will serve as the next support level; and we can expect a range of 3220 to 3265 before any clear direction is seen again. For those looking to accumulate on dips, can consider loading up on some blue chips to ride any rebound above 3220 support. Any breakdown of 3220 can open the way down more to 3180. Note that 3220 level also coincides with the 200 day MA LONG TERM trend line support which can lend some support for any rebound.
Sent: Friday, September 26, 2014 9:54 AM
Subject: ************************** STI Direction: Where to now ? Consolidating within range for more direction...... Now 3277
Subject: ************************** STI Direction: Where to now ? Consolidating within range for more direction...... Now 3277
Sti is currently consolidating in the range of 3265 to 3315 for more than a week. Has managed to find a support around the 3265 over the past few days which was also the support seen in July before it started trading up. As long as it stays above this level, Sti still has legs for any rebound rally above 3315 level. Any breakdown of 3265 can see it go back to 3220. Can consider accumulating on dip blue chips like banks or property counters when it nears this 2 support for any technical rebound. Only the upside breakout above 3315 can lead the rebound back to 3360 – 3390 level. Note this levels, currently at 3277, lets watch ! J
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