In last week, STI had a mere gain of 20 points from the opening of 2894 and close at higher of 2914 to mark a white candle with moderate shadow (Indecision) in the weekly chart. The VOL in this week is the LOWEST for the entire 2010 with only about 2/3 of the average VOL. Overall the market is trying to find its next direction with most of the investor keeping at sideline.
The market in very short term is way overextended and investors are looking for a reason to pull back. However whether they pull back next week is unknown because you have end of quarter window dressing. Thus the question is does the window dressing turn into undressing if the bill passes.
Important resistance of STI: 2935
Immediate Support of STI: 2900
Next Immediate Support of STI: 2850
MY TACTIC: Looking to sell since bull has already lost its strength for further rally. Pull back/ Profit taking will be expected but do look out if STI can break new high of 2950 at HIGH VOL to start another round of
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