In last week, STI gains a solid 46 points from the opening of 3144 and close higher at 3190. A white candle stick with upper shadow indicates that STI re-test the critical shoulder resistance and pullback slightly as traders took profit on long holiday ahead.
Key Economics Data report:
Investor anticipates that market will start January on an upswing as fund manager position new money into equities. Base on past history, January through April has always been the best time of the year for the stock market.
US jobless monthly claim report for Dec 2010 on Friday will be the critical news for markets in the week ahead,
Technical Analysis on STI
STI index re-test the major resistance at 3215 but failed to breakout and pullbacks back on the last moment.
1) In weekly charts, white candle stick with upper shadow affirms that STI attempted to break the major resistance …