Consolidation continues for STI and it will be testing resistance of 3,065 – 3,080. From the CCI, it seems that there are up side potential and from the pattern of consolidation, the breaking up of the trading range is likely, unless war breaks out.
STI did not close below 3,000 on 28 Aug 13. The support was respected. Currently, the index will be consolidating within the range of 3,000 and its resistance of 3,065 – 3,080. The direction will be clearer once the index breaks either the upside or downside.