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STI Update 6th March



This is STI's weekly chart. STI's rally last week hit the downtrend line resistance and the drop in the past few days has totally erased the gains. I posted out in my previous post on 19th Feb of the week charts and pointed out that there's still nothing to be bullish about yet. Incidentally that was the best point to short! Now with STI heading downwards again, I would think there would be an inevitable retest of the previous January lows at 2750. A successful bounce off 2750 could be a good start to end this bear market. Falling past 2750 could see STI drop at least till 2500 region. Until then, I would prefer to still hold cash and wait and see. Its not time to pick up long term holdings yet!

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