Market Review and Trends
STI’s uptrend likely to continue but trend reversal risk is still possible.
By Jay Chia - Your Financial Mentor  •  August 6, 2012
STI's uptrend likely to continue but trend reversal risk is still possible. Last week, STI faces bullish reaction in the market as fears of crisis subsided after speculations of stimulus is to be emplaced. This brought buyers to enter the market on Monday which lead STI to test 3030 major resistance. Despite a gap down start on Tuesday, the buyers still managed to push STI above 3030 level with strong volume. Such bullish movement have confirmed the breakout of the major resistance. For the last 5 days of the week, STI held well above 3030 level and this resistance level could have turned into support. Eventually, STI closed at 3051 level with 52.84pts higher for the week. Last Friday, DJI ended up strong with 217.29pts higher.  Will STI be able to continue its upside this week? Let’s evaluate STI’s chart. Trend: Uptrend, 20ma poise up, MacD above ......
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By Jay Chia - Your Financial Mentor
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