Subject: ********************** STI Direction: New recent high seen, can it continue ? STI NOW 3398
Sti has broken above the 3390 resistance level which was the high seen in August last year. This can be a sign of renewed strength as long as 3380 – 3390 becomes the new support level. Range can be to 3450 – 3460 in the short to midterm. It has been supported above the channel support line and rebounded from it 3 times before clearing above the horizontal resistance at 3390 last Friday which can a positive signal. 200 day MA line still sloping upwards gradually as it consolidates. Any break below 3380 can see it trade back down to 3350 then 3300 again.
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