STI Direction: Seems like the 3000 level did not hold for STI.... STI at 2954

Will the next support hold too, let’s see….

Sent: Thursday, August 20, 2015 10:48 AM
Subject: ******** STI Direction: Back to Critical 3000 level.....

STI has managed to stay above the 3050 level for about a week BUT a firm breakdown seen today and off it went to 3000 psychological support level as mentioned previously. We may expect some support from here but downtrend in the short term can continue before we see some stabilization. Crossing below the 3000 mark can see it go to 2950 (Feb 2014 low) then 2930 (Support since June 2012). 100 day MA line has almost crossed below the 200 day MA line so this can be a sign of a trend reversal for the whole market. Banks, properties and oil and gas heavy weights hit at the moment which are dragging the index lower. Be nimble in accumulating some blue chips near key support level.