Straits Times Index –Daily timeframe (Update from 17 May 2017)
*Entry Price: 3229 Stop loss : 3276 Take profit : 3112
Current Sentiment: Bearish
Support 1: 3188 Resistance 1: 3248
Support 2: 3158 Resistance 2: 3295
Price remained depressed here after the last update even as it rebounded off the 3189 support area.
Further weakness appears rampant with the 3248 immediate resistance area relentlessly capping price down. The recent bearish rejection off the 3248 resistance area on 07/06/17 succeeded in forming a shooting star signals a continuation move to the downside.
Moreover, the Relative Strength Index (RSI) is still normalizing off the 75 overbought region perfectly, exhibits a weakening momentum.
Expect price to move in with the previous report to test the 3158 support area followed by 3112.
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