Straits Times Index (STI Outlook for 21/11/2011 to 25/11/2011)
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Although the STI managed to cover the gap resistence in mid week, the bearishness in Europe hampened it rebound and caused it to retrace again. The retracement went deep and the STI eventually broke its support to trade lower. On the technical charts, various indicators currently show the STI weakening with a possible downward momentum to test it’s next level of support at 2683 points.
What to watch out for:
Bullish: whipsaw and trade back above 2755
Next resistance to watch: 2904
Bearish: continue to go lower
Next support to watch: 2683
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