STI Weekly Update!

09Feb14

sti

During the week, STI retraced 6 points (0.2%) from the opening at 3,019 and closed at 3,013. There was a strong technical recovery of over 60 points from the low of 2,953, during the last two trading days. The recovery is met with high volume which may indicate the return of investors picking up stocks on the cheap.

All indicators, such as RSI, Stochastic and MACD are showing technical bullishness of the index for the coming trading week. However, the formation of lower highs and lower lows affirms the downtrending momentum of STI since September 2013. Key resistances level to watch for are 3,025 level, following by the confluence of 20-Day and 50-Day Moving Average (MA) resistance.
This resistance has been acting as a key resistance since October 2013.

stiweekly

On the weekly chart, STI closed the week with a bullish dragonfly doji candlestick pattern. This is a signal of potential bullishness for the coming week of action. However, only a positive closing for the coming week will confirm the bullish signal.

The immediate support to watch for further breakdown of STI will be 2,932 support level.

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