In last week, STI recover 26 points from the opening of 3124 and close higher at 3150. A white candle stick with long lower shadow similar to a “Hammer” indicates that the selling pressure has eased.
Key Economics Data report:
HSBC downgraded its global growth forecast on Friday, citing risks to emerging markets from the slowdown in China and the prospect of a scaling back of the Federal Reserve’s bond purchasing program.
HSBC cut its forecast for world growth to 2.0 percent in 2013, down from an earlier prediction of 2.2 percent. It also downgraded its 2014 outlook to 2.6 percent.
Technical Analysis on STI
STI re-test the critical support at 3107 in last week for the 3rd time and rebound strongly against this support.
1) In weekly chart, a white candle stick with long lower shadow affirms that selling has eased and investors are buying …