The Straits Times Index closed lower for the 3rd day, and broke its 50 days moving average today.
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| The Straits Times Index STI Technical Chart 2015-05-20 |
Looking at the technical chart, after bouncing above the support line in yellow, which coincides with 50 days moving average for the past few days, the STI opened below the support today and traded below its previous closing point throughout the day and closed at 3439.68. The next immediate support (the green line, which again coincides with its 100 days moving average) is at the level of 3420. If it breaks the 100 days moving average support line, much severe downward adjustment is highly likely.
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