Market Comments (STI) For Week of 1 Oct 14

STI Index is currently making a long awaited downtrend. Support 1 is at 3,250 followed by Support 2 at 3,220. Candlestick pattern reveals the weakness of the Index and the turning down of MACD supports further downside. Traders to observe RSI break and market reaction at the 2 Support levels to detect reversal.

If the break of neckline (not drawn) of the double top formation is realised, then we are looking at medium term downtrend and reversal will not be so soon.

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