From previous note, we have indeed seen the STI breach the key 2900 support level today with banks and some commodities counters heading lower.
As mentioned, we may see some downward pressure towards 2850 first where some bargain hunting can return.
But cautious of breakdowns of any of the banks’ key supports like UOB 20.00, OCBC 8.90, DBS 17.00 where we can see them dragging the index lower towards the 2780 region.
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Recent Email:
Sent: Wednesday, December 21, 2016 3:40 PM
Subject: ******** STI: Back to consolidation on profit taking.... quiet market as we approach the new year, STI 2916
Subject: ******** STI: Back to consolidation on profit taking.... quiet market as we approach the new year, STI 2916
Any move below 2900 can see more weakness with the STI falling back into it’s 6 months consolidation level towards 2850 then 2780. Starting to see some selling momentum coming back in the market over the past few days.
Sent: Tuesday, December 06, 2016 11:08 AM
Subject: ************ STI: Approaching major resistance again.... selling expected but banks may be the one to breach it... now 2945
For illustration purpose only
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