Weekly/Monthly Wrap

STI hit seven weeks high last week, closed at 3070. The weekly candle looks bullish indicate bulls are in control. We left one month for the year 2012, will we have Santa Clause effect this Dec?

STI formed a daily doji which indicate uncertainty. STI downside support to watch in coming week is the gap between 3048-3062, upside is 3010. Its monthly candlestick looks more bullish rather than bearish.

Major indexex performance for the week and Nov as below.