1. The STI finally made some movement (though not necessarily good) and broke its support at 3,120. It reach an intra-day low of 3,098 before closing at 3,114 on Friday. As long as it did not go above its immediate resistance at 3,159, it should continue to trend downwards in the near term.
The STI move significantly downwards away from its 'Green trend line'. This does not signify well for the index in the next few weeks. Overall, the 10weeks MA is trending down together with the 40weeks MA. Technically, this still implies that the STI index is still bearish and will likely to trend down further.
2. For the coming week ahead:
Resistance: 3,159
Support: 3,066
