Triple Top Formation – Lookout for increase in volume at support (2500)
Currently STI has formed a triple top formation and the psychological support at 2500 remains intact at closing. If there is further weakness spotted at market opening on Tuesday, this might lead to a downturn. Do note that if US-China relations continue to go south, then STI might extend its consolidation or follow suit into yet another downturn. However, this triple top formation is on a daily chart so there is chance for it to be inaccurate.
STI – Daily Chart
Looking at the daily chart, we are currently at the mercy of the US trading outcome on Monday. If there is a severe weakness in US markets, STI might lean towards downtrend rather