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Saturday, November 5, 2011

STI Technical Analysis

Last Friday, STI closed with an inverted hammer after touching Fibonacci 50% resistance and a downtrend line.This may signal some degree of selling pressure early next week. Once selling exhausted, we may see STI overcome both these two levels later in the week and generate a mechanical buy signal. Dow Jones is already in the bullish zone, it is a matter of time STI will follow.