In last week, STI merely gain 10 points from the opening of 2811 and close higher at 2828. A white candle sticks with long upper shadow affirms that on the heavy profit taking.
Key Economics Data report:
In the coming week, the focus remains to Europe as the European Union leadership gathers to discuss a banking union at the end of the week. Early in the week, the focus will be on Greece’s efforts to restructure its bailout and Spain’s expected request Monday for funds to recapitalize its banks.
Technical Analysis on STI
STI index had re-test the resistance at 2848 but failed to break out as investors took profit on uncertainty.
1) In weekly chart, a white candle sticks with long upper shadow indicates investors took profit on uncertainty ahead.
2) The weekly trading volume fall slightly though majority remains sidelined.
3) MACD and RSI indicators are bullish as RSI trend upwards.
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