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The benchmark Straits Times Index continued the uptrend and went higher by 45.71 points or 1.37%
last week. STI opened higher at 3348.66 and ended at the weekly high of 3386.44 and weekly low was
3327.18. Market has showing some strength above 3300 level, but some resistance can be seen
around 3400 level so the market can be sluggish in this week.
Projection
Market has remained positive since four weeks. A continue rally has been seen from 3300, in which
most the valuable stocks has risen. Now some profit booking can be seen around 3400 level.
Expectation
Market can test 3400 in this week, which is a very strong resistance for it. Fresh buying can only be
seen above 3400 level otherwise it can become range bound for the week. The strategy of buy on dips
is continued to follow for this week too. On the downside 3350 can act as the good support level.
Technical
Target Done
23-Oct-17 HI-P Long 1.71 1.85 1.63
Target Done
24-Oct-17 Heeton Long 0.575 0.600 0.550
Target Done
25-Oct-17 Hong Leong Asia Long 1.145 1.21 1.095
Target Done
26-Oct-17 UMS Long 0.985 1.055 0.945
Open
27-Oct-17 Lian Bang Long 0.815 0.875 0.780
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