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Sunday, March 6, 2011

STI Key Support and Resistance

On the candlestick chart, the last two candles ( Thursday and Friday ) were inverted hammer with long tail - a sign of rejection. It looks like STI will be under some selling pressure to retest 3,040 earlier next week.

On the Point and Figure chart, there is an upside target of 3,120, which is coincide with the candlestick chart key resistance.

To sum up, key resistance 3,120. Key support 3,040.