STI range is clearly from 3240 to 3320 for about 1 and a half month already till today. For yesterday, STI index has tried testing the 3320 critical resistance level again but failed to break above it. From a TA perspective, a shooting star pattern seen in the candlestick bar yesterday could signify a reversal which we are currently seeing now. Sti is currently down 22 points, 11.54am – 13 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.
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