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Market Outlook (16/03/13): STI Failed To Break Above 3309!

by Dou on March 16, 2013

STI

 

In last week, STI lost 4 points from the opening of 3290 and close lower at 3286. A black candle stick with long upper shadow similar to a “shooting star” indicates that investors are not willing to buy any higher.

Key Economics Data report:

The Federal Reserve could add fuel to the market rally in the week ahead, keeping the Dow on track for its best first quarter since 1998. There are four housing reports in the coming week but the Fed is the main event. It holds a two-day meeting, which ends with the release of its policy statement, economic forecasts and a press briefing by Fed Chairman Ben Bernanke Wednesday afternoon.

Technical Analysis on STI

STI index re-test the critical resistance at 3309 in this week but failed to close above this level.

1) In weekly chart, a black candle stick with long upper shadow affirms on profit …

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