In last week, STI gain 17 points from the opening of 2979 and close higher at 2996. A white candle sticks with long lower shadow indicates investors began to take profit on its recent gain.
Key Economics Data report:
In the past week, companies have fired “whale” losses, clawbacks and profit warnings building anticipation for next week, when earnings season swings into high gear.
According to data from Thomson Reuters, analysts on average expect earnings for the S&P 500 to grow 6.5 percent in the second quarter. That’s down from 9.1 percent growth forecast back in April.
Technical Analysis on STI
STI index had re-test the support at 2962 in the past week and managed to stay above this critical level.
1) In weekly chart, a white candle sticks with long lower shadow indicates on the profit taking from the traders.
2) The weekly trading volume rise slightly on the …