The STI Index closed lower for the week at 3,197 breaking the 3,200 support level. The STI gap down and open below 3,200 on 16Aug preventing investors who are holding on to the Index from cutting losses in their position.
1. From the chart, the STI continue to be above the long term 'Red trend line'. The current long term view of the STI Index is still on the uptrend.
2. On a shorter term, the index had broken below the 3,200 level and reach a low of 3,180 on 16Aug. Suggest to liquidate some position is the index go below the 3,180 in the coming week again.
3. If The STI going below 3,140 breaking will cut below the long term 'Red trend line' will most likely trigger a bearish scenario.
4. For the coming week ahead:
Resistance: 3,260
1st Support: 3,180
Next support 3,140
