STI Weekly Update!

Today is the last day of trading for the month of May and we have indeed closed negative for the month (‘Sell in May and go Away). STI plunged down during the last 6 trading session, erasing all the gains of the month and today closed -25 with high volume. I have highlighted last week, ( http://stistockstrading.com/2013/05/24/sti-weekly-update-15/ ) indicators have signaled us that we are due for a correction. STI have broken the 3320 major resistance turned support with high volume today. It is not unusual for the index to be trading on higher volume on friday than rest of the week as most conservative retailers have the habit of closing position on the last day of trading week. The current uncertainty of market direction for the coming week also adds volume, as investors may wish to close their position at the current volatility of price action. RSI and Stochastic are currently in oversold region but there is still no bullish signal of a reversal. We are currently less than 60 points away from the next support for STI at 3250. It is very likely for the index to be trading to the support within the next 5 trading session. If the support holds, this may prove to be a healthy correction for fueling STI to trade higher. However, it is still important to remain prudent as the next high form from the bounce of the support could be a lower high, a indication of change in market direction. I have finally completed my bachelors and will be back in Singapore in the last week of july after my graduation ceremony. In...

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