1. The STI continue to be down and coincidently close at 3,066 which is our support for the previous week. It reach a low of 3,025 within the week and 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. This still implies that the STI index is still bearish and will likely to trend down further.
Do also take note that the STI is technically oversold and some temporary rebound is likely while the longer term trend is still looking down.
2. For the coming week ahead:
Resistance: 3,159
Support: 3,066
