STI

Yesterday, i mentioned about US bearish outlook affecting STI performance. I went back to redraw the STI chart to have a good look of what's happening.

By redrawing the whole picture, we can see that STI is on the edge of the resistance line of the channel. Breaking of the channel will indicate a bullish sign. With the bearish US outlook, I feel that the resistance will hold for the mean time which prompt for a pullback. Will it have a correction to the lower support line? With the Singapore election coming, i feel that it is less likely. Watch out for 3120 level and 3080 for a rebound.