In last week, STI lost 30 points from the opening of 2676 and close higher at 2646. A black candle sticks with no upper/lower shadow indicates that investors have no hesitant in selling the stock lower.
Key Economics Data report:
In week ahead, December’s employment report will be the most important, but there are also critical December sales reports from chain stores and auto makers.
An up first week in the US stock market usually indicates an up January. Since 1945, whenever the market has been up in January it has been up for the entire year, 88 percent of the time.
Technical Analysis on STI
STI index has re-test the support at 2643 for the 3rd consecutive week and close right at the support.
1) In weekly chart, a black candle sticks with no upper/lower shadow affirms that investors has no qualms in selling the stocks lower.
2) The weekly …