In last week, STI lost 18 points from the opening of 3061 and close higher at 3043 as the index remains trending sideway. A black candle stick with long upper shadow similar to “shooting star” indicates investors are fearful of the critical resistance at 3120 and choose to take profit on uncertainty ahead.

Key Economics Data report:

Market closed on Friday with investors saddened by the tragedy and destruction from Japan’s massive earth quake and tsunami. In addition, potential issues for more riots in the Middle East and lingering concerns about Europe’s sovereign debt problems dampened the market sentiment.

Stock market continues to track the direction of oil prices that decline as protests in Saudi Arabia proved to be muted. Massive destruction in Japan pulls the oil prices down as it took a large amount of refining capacity off line, reducing the amount needed by Japan.

The unexpected trade deficit ...