Friday, March 22, 2013

STI DIRECTION ? Let's have a look......

Following up from previous analysis made on 13 March. Sti has since came down to a low of 3248 and rebounded slightly. Sti now at 3263.
STI range is clearly from 3240 to 3320 for about 2 months already till today. STI index has tried testing the 3320 critical resistance level again but failed to break above it. Sti is currently down 4 points, 10.23am – 22 Mar 2013.
STI will most likely continue to trade in this 80 points range until we see a strong positive catalyst from US, China and Europe to break above the key resistance level.  
Possible to consider accumulating some blue chips on the dip when the STI near the 3240 immediate support level. Trade the range and take profit when Sti nears the resistance level at 3320.

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