Some points to note for this week's analysis (10-14 Jun 2013):
1) None of the counters are in the overbought region (RSI value 70 and above).
2) 10 of the counters is in the oversold region (RSI value 30 and below).
After ending last week at 3184.72, the STI slid further this week to close at 3161.43 (closing end of today), with an intraweek high of 3214.88 and an intraweek low of 3094.86.
Despite another week of losses, we note that the index has built a firm support at the 3100 key level after rebounding strongly from its intraday low yesterday.
And with the index showing signs of re-conquering the 3160 immediate obstacle today, we could potentially see a further technical recovery towards the 3230 subsequent resistance in the week ahead.
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