In last week, STI gain 37 points from the opening of 3070 and close higher at 3107. A white candle sticks with long lower shadow indicates on the heavy profit taking in the rally.
Key Economics Data report:
On Friday, US reported a surprisingly strong November U.S. Job data. Despite low expectations for job growth, the U.S economy created 146,000 jobs last month, defying a predicted drag from superstorm Sandy. Howeve the improvement in the long stagnant jobs sector remained grudging at best — which was unlikely to change anytime soon.
Technical Analysis on STI
STI index had re-test the support at 3088 in this week and managed to rebound against this support.
1) In weekly chart, a white candle stick with long lower shadow similar to a “hanging man” affirms that many longs have positions that they are attempting to sell.
2) The weekly trading volume falls as investors …