In last week, STI lost 27 points from the opening of 3286 and close lower at 3259. A black candle stick with long upper shadow similar to a “shooting star” indicates that the weakness of the rally.

Key Economics Data report:

Cyprus’ lawmakers geared up to vote on a series of bills put forward in a renewed effort to strike a bailout deal with European partners on Friday after talks with Russia collapsed. Cyprus faces intense pressure find a solution for an international bailout to avert a collapse of its banking sector and a possible exit from the euro zone.

Technical Analysis on STI

STI index re-test the critical support at 3234 in this week and managed to stay above this level.

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

2) The weekly trading volume falls slightly on the school holidays.

3) MACD and RSI ...