Due to the concern of QE tapering, the STI ended the week with a breakdown below 3,200, below its trading range. However, the candlestick seems like a doji with indecision on Friday 16 Aug 13. It is good to observe for a couple of days more next week to ensure no false breakdown due to market over reaction to news. If it is false breakdown, one may enter for buying opportunities. However, if the breakdown is confirmed, then the next support will be at 3,125. Short term traders will need to exit their trading range play. Aggressive traders can go for shorting intra-day while more conservative traders can wait to see how the index react near its next support.
Jayson's Financial Trading 