STI Analysis

STI

We are coming close to the end of the 1st quarter of 2012 and we had witness the fantastic rally in STI since the start of 2012.
Currently, STI is still bullish and had been trading sideways as investors are waiting for something explicit to move the markets higher.

STI is facing problems breaking the falling window resistance of 3030 to 3100.
STI is still well above the 20MA and being supported by the purple trend line.
We can see that STI has a DOUBLE TOP pattern forming but unless it breaks 2905 and close below, it will not be in play yet.

Next week outlook: Investors are expecting a window dressing to trend higher next week, which can be derived by the higher volume on Friday. Therefore, the chances of a sell-down is less likely next week.