STI has been trading in a tight range from 3125 to 3185 for slightly more than a week and today we have seen it break above this immediate resistance level at 3185. Currently at 3195. If it manages to stay above 3185, the next possible level to watch will be 3200 then 3235 level. It has to convincingly break above 3235 before we can say that short term downward trend has reversed and the overall market can start to trade higher. Note that the 200 DAY MA –Long term trend line coincides with the 3200 level so this is also a critical level to watch. As of now, STI is struggling to trade above the 3200 level, monitor closely. You can see that the market is very volatile in the past week and trading with no clear direction with immediate support at 3125 then 3065.
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