21 July 2010
STI
STI has rallied for the past 2 weeks and this week, it starts to show some weakness in the momentum. Indicators are in overbought region and it has started to move downwards from the overbought region. A possible sign of change in momentum.
The chart also shows a bearish divergence and STI is now trading close to 3000 psychological resistance.
I would expect some retracement before the next bull run.
Watch out for possible support in STI:
1st support 2938
2nd support 2891 (Stronger support)
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