Market Comments (STI) for Week of 29 Jul 13

STI_daily_29Jul

The STI index is experiencing consolidation for the past 1 week. It is trading within the support and resistance 1 as mentioned in my posting of 14 July with the high of 3,277 on 24 Jul 13. There were some profit taking last Thurs and Friday.

For the coming week, the resistance will still be at 3,265 – 3,280 and the support is at 3,205. Currently, the index is supported by its 200 days and 13 days MA. Currently, a second higher-low has been formed and I would to say that the index is well supported and has stabilised. As mentioned in my previous post, as long as the immediate support of 3,205 is respected, any retracement towards it will allow buying opportunities.

Last but not least, I am in the market again and is currently positive.

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