Market Updates (STI) 20 Aug 13

STI_daily_20Aug

STI dropped 80 points within 3 days and landed exactly on the supported at 3,125. For those who had shorted intra-day, Good for you. As a risk management technique, do cover most of your short positions before the FOMC announcement as news play is always risky.

If things decided to turn real bad after the FOMC announcement, the further drop will be quick and fierce. After some analysis, the next few supports level are indicated in the chart. Look for market reaction near the support and resistance.

Update on 22 Aug 13 @1.45pm
STI gap down and is trapped within the support 2 zone of 3,065 – 3,080. This shows how accurate is the support.
Looking at the rate, the support 2 will likely be broken soon.

STI_daily_22Aug

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