In last week, STI merely lost 6 points from the opening of 3300 and close lower at 3294. A flat candle stick with short upper/lower shadow similar to a Doji indicates on the hesitant on the rally.

Key Economics Data report:

The new finance minister of Cyprus said his country is in for a “rough ride” following the agreement of a bailout for his country.

The comments came the day after euro zone finance ministers and policy makers agreed backed a 10 billion euro bailout for the Cyprus and agreed to try and help kick start growth in the country via the use of EU structural funds. Cyprus will have to find 13 billion euros itself through a combination of a controversial tax on uninsured depositors in two of Cyprus largest banks, tax rises and spending cuts.

Technical Analysis on STI

STI index re-test the critical resistance at 3325 …