Wednesday, June 15, 2016

STI: More selling seen in the morning then some bargain hunting...... Market still weak?

Some selling still seen in STI to a low 2760 in the morning before some buyers came in again…..

Can it head lower towards 2700 as seen in email note below….

Seems like we are seeing some temp support somewhere on the way down too….

Let’s see if that holds, if you know what it is?  J


Sent: Tuesday, June 14, 2016 10:43 AM
Subject: ********************* STI: Some selling pressure expected before bargain hunting at specific levels again.... NOW AT 2776
Over the past 1 month, we have seen STI rebounded to near the 2900 key resistance level with a high at 2880 seen last week. It could not manage to even attempt a move above and sellers started returning.

It has broke back down below the 2800 support again and likely to see more selling in the next few days before we can expect buyers coming in again at key support levels.

Temp support is at 2780 which is where we are seeing the index crossed below now then 2700 – 2710 which was the low seen last month before a rebound.

Those looking to accumulate on dips again can do so near 2700 - 2720 if market does weaken to there, to catch any potential rebound back up again.

But be nimble as mid to long term trend is still weak with price below channel resistance and any move below 2700 for the SG market is not a good sign.

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