For the week, global markets continue its fall. STI fell the least for 1.2% down and Shanghai fell the most of 4.1%, among the six major indices I monitored.
As for STI, it has been down for five consecutive weeks already--its longest streak of fall since 2008 Financial Crisis. We are below a major uptrend channel bottom(weekly) this week. STI lost 37 points to close at 3124, below its 2012 year close 3167 level.
On its daily chart, STI open gap-down 52 points at 3081 on Friday morning, and filling the big gap through-out the whole day to almost closed the gap, minimised the loss to 9points only. Market is still weak but
Technically, market is at extremely oversold level. The immediate support to watch for coming week is 3100. Immediate resistance level is 200ma at 3195 level.
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