In last week, STI lost 19 points from the opening of 3230 and close lower at 3211. A white candle stick with lower shadow indicates that the index has found its new support at 3180 (100 days MA)
Key Economics Data report:
Recent US announcement demonstrate surprisingly improved data in manufacturing and the services industry boost stocks to almost new 3 years highs in the past week. Even Friday’s disappointing January jobs report failed to cool down the bullishness of the investors.
Oil rose $0.31 for the week to $89.03 as investors expects Egyptian President Hosni Mubarak would ultimately give up leadership despite he insist that he would not stand for reelection but refused to leave office early as the protests continued.
Technical Analysis on STI
STI index closed near the critical shoulder resistance at 3214 on Tuesday which shown the hesitant of investors in buying higher due ......