In last week, STI merely rose 5 points from the opening of 3164 and close higher at 3169. A white candle sticks with upper/lower shadow affirms on the hesitant of the investors as index approaches the minor resistance at 3180.

Key Economics Data report:

Dow ended 0.7% lower to 12,512 and S&P 500 off 0.3% to 1333 after a choppy week. Oil declines $0.16 at $99.49 per barrel while gold up 1 percent at $1508.80 per ounce for the week.

On Friday, Fitch Ratings cut Greece’s long-term rating to B-plus from BB-plus and placed all ratings on Rating Watch Negative based from the growing speculation on the widening rift among European policy makers over some type of restructuring of Greece’s sovereign debt .

Technical Analysis on STI

STI index has re-test the support at 3120 and rebound from this level.

1) In weekly charts, a white candle ...