Time for STI take a break from climbing
There are clear signs of fatigue from the market as we have climbed almost constantly for before the short week came. This can also be explained by dividend hunters and funds starting to leave counters that had already cut dividends. At the moment the market would be way more inclined for a minor reset so that traders can buy back and for late sellers to have a go at taking profits. Therefore, do expect some downside in the coming week and let us see the charts for potential support points.
STI – Updated Daily Chart
On the daily chart, we have 2 immediate resistance turned support lines and they are 3240 and 3200 (psychological). These obvious support lines are not exactly strong but if they do provide some support, then we can expect the market to still be relatively optimistic.
STI
...