Chart Source : Poemsview 29th June 2018
Straits Times Index has dropped about 10% from a high of 3641 to a low of 3237 a healthy correction in a bull market.
Our previous support didn’t hold at 3295 which then came down to a low of 3237. If this support doesn’t hold then 3199 could be on the cards.
We are now watching to see if this support holds before making any move. The immediate resistance might be 3267 breaking above that might see it test the near term resistance at 3295 . If market continues to rebound then we might see 3340 area.
We’re watching closely for a rebound and Banks like ocbc, dbs might be a sector that might lead the rebound.