Above is the weekly chart of the STI. After hitting a high of 2700 three weeks ago, it has retraced to close at 2544. Momentum is weak and i suggest closing all your long positions if the STI closes below 2449.
US markets closed quite strongly on Friday so the STI should open up on Monday. But other than that, we need to see how our regional markets trade as the day unfolds.
For those still at the sidelines and with a longer term view, I would suggest waiting for the STI to breakabove 2700 before entering a long position.
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