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Tuesday, January 8, 2013

STI in Profit Taking Mode

STI closed 12points down at 3205 today. It has had a seven weeks consecutive run-up or 280 points gain without any retracement yet. Time for profit taking? Possible.

The banks and singtel were selling off heavily today. DBS and UOB broken down their trading range and OCBC dropped to its range bottom today, Singtel broke down its trading range as well. They will add more downside pressure to the index.

The immediate support levels to watch are:

Weekly S1: 3197, today's at 3198.38,
Weekly S2: 3169, which is also STI 20MA.

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