In last week, STI lost 32 points from the opening of 3185 and close lower at 3153. A black candle stick with little upper/lower shadow affirms that index is range bounding aimlessly along the critical support at 3148.
Key Economics Data report:
2011 has to be bullish!
That’s certainly the sentiment of the Wall Street’s economist who predicts that S&P 500 will be gaining double-digit and finish 2011 at 1400 or higher due to improving global economy and better earnings ahead.
In the next two holiday weeks, investors are most probably sitting on the sidelines and trading volume for US markets are expected to be low.
Technical Analysis on STI
STI index continue to trend directionless under low trading volume as the holiday season mood approaches.
1) In weekly charts, black candle stick with little upper/lower shadow indicates on the directionless of the market and most traders are keeping sidelined.
2) The weekly trading volume falls lower as the holiday season draw nearer.
3) MACD and RSI indicators are bearish as MACD lines cross down in this week.
4) STI is currently supported by the resistance turned support at 3148.
5) STI range bound between 3213 to 3148 as investors are hesitant to trade on uncertainty ahead.
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