STI has tested the 3230 support level yesterday which it has held above since Jan this year. After 3230, support would be 3190 to 3200 which is where the 200 DAY MA (Dotted Blue Line) is hovering at. If this support does not hold as well, can see next support at 3160 which was the support consolidation phase in Dec last year. 3100 would be the next CRITICAL support which was actually the resistance STI broke above that resulted in the bullish run we have seen in the early part of the year. Can consider accumulating some Good blue chips on Dips when STI does trade within the 3100 to 3160 range. 3100 must hold or we can see further weakness in the market. Sti is mainly dragged down by blup chips banks and property counters which are more interest rate sensitve and are more affected wherever there are any signs of the FED’S stimulus measures scaling back. OPEN A FREE TRADING ACCOUNT NOW.
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