1. Happy New Year and welcome to 2014. This is the first closing week of the STI. Most investors had predicted for the Index to power ahead. However, the closing of the STI at 3,131 on Friday wipe off the past four days of gain from Monday to Thursday. It may continue to trend down in the coming week. On a longer term, the STI is still below is long term 'Green trend line'. For the uptrend to continue, the STI have to at least go above 3,270 convincingly. For now, 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.
2. For the coming week ahead:
Resistance: 3,200
Support: 3,066
