Straits Times Index (Pending pullback....stay clear...)
The STI opened lower this morning on profit-taking, which was not surprising, given the formation of a bearish candlestick on Friday; coupled with yesterday's lower close, it seems like the index could be due for some correction.
While the STI did manage to briefly climb into the positive territory midway through the morning, the selling pressure was just too strong; this was well reflected by the intraday MACD indicator.
But with the intraday RSI indicator looking somewhat oversold, the correction could moderate in the afternoon, and help the index stay above the 2100 support.
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