Above is an end of day daily chart of the STI. So where is the STI headed? Long term trend is up, but it looks increasingly that it will come down sharply first. Look at the MACD - the momentum has been falling since July 2012 while the price is going up - something called a bearish divergence. I believe this is the result of money being pumped into the economy without any real increase in company's profits/earning. Resistance is now at about 3066. Some support at 3020, but if that is broken, next support is at about 3000. Strong resistance is at 3088.
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