Will 3200 support level hold? The STI fell to a lower point yet away after the US market retreat with GSPC dropping below 4000 points from Wednesday last week. As such, STI led by bank counters also fell to around 3200 level since Monday. While it has tried to climb back to 3240 on Tuesday, it will met with selling pressures yet again signalling that the market sentiments are poor for the time being. So far, there is little to be concerned about as the STI is still fairly reasonable in terms of its trend lines during this period of global inflation and instability. In the coming week, expect some challenge with the 3200 level but do expect further consolidation or near term weakness.

STI – Updated Daily Chart

The daily chart is pretty clear as it basically tells us that the sellers are eager to exit the market...