Straits Times Index (Flag formation?)
With earnings season over, we believe any further action is likely to be driven by corporate developments - from our recent interactions with the companies, there seems to be some renewed interest in M&As, although overall funding may still be an issue.
Beyond 2200, the next cap is 2283 (intraday high for 2009), while the key resistance can be found at 2391 (38.2% Fibonacci retracement of the plunge from 3906 to 1455).
Meanwhile, we see the initial support at 2100, ahead of 2033 (23.6% Fibonacci retracement resistance-turned-support).
Next Resistance level: 2390 (38.2% Fibonacci retracement)
Immediate Resistance level: 2200 (Psychological resistance)
STI Current: 2172.92 (Last close: +1.6%)
Immediate Support Level: 2100 (Psychological support)
Next Support Level: 2033 (23.6% Fibonacci level)
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