In last week, STI merely fell 6 points from the opening of 2779 and close lower at 2773. A black candle sticks with long upper lower shadow affirms that bulls have tried to recover on the recent correction.
Key Economics Data report:
In the coming week, the four-day trading week starts off slowly with markets closed on Memorial Day in the U.S as investors await Friday’s U.S. employment report.
The Greek election is not until June 17 but headlines from Europe will set the direction for markets ahead of the Greek election.
Technical Analysis on STI
STI index had trend along the minor support of 2772 as the selling has eased for the past week.
1) In weekly chart, a black candle sticks with long upper shadow indicates investors took profit on any signs of recovery.
2) The weekly trading volume falls as the traders sidelined for more news ahead.