The STI Index closed down for the week at 3,213. From the last post, it was highlighted that the index should retrace to near its first minor support of 3,220 after three weeks of run.
1. From the chart, even though the STI closed lower for the week, it continue to be above the long term 'Red trend line'
2. In the immediate coming week, the STI may continue to consolidate around this range.
3. A strong break above 3,240 will likely see the index trending upwards.
4. As long as the major support of 3,140 is not broken, the index testing 3,300 again is likely.
5. For the coming week ahead:
Major resistance: 3,240
Minor support: 3,185
Major support: 3,140
