1. The STI continue to consolidate between the band. If we use the previous period of consolidation as a gauge, we will notice that the maximum consolidation period is usually 14 weeks. We are now into the 11th week of consolidation. After a long consolidation, it usually will have big moves. It can either be up or down. The STI continue to fluctuate within its long term 'Green trend line'. The 10weeks Moving Average (MA) had not moved up to cut the 40weeks MA. Technically, this still implies that the STI index is still bearish and we are not out of the woods yet. No changes to the last week forecast as the Index is still in range bound.
2. For the coming week ahead:
Resistance: 3,270
Support: 3,120
