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Major double top for STI

Yesterday STI had a quick sell down of 45 points from the top. It signify a possible formation of double top. Many investors had started taking profit on Thursday in anticipation of the long weekend. It is also this coming week the report for US employment data will be out. I would recommend taking some profit off table.

STI had a gap at 2795-2808 which has yet to be filled. Will it be filled this time round? But it means the index will need to move back by 80+ point from the current level. I saw many stock at resistance with bearish divergence in RSI, Stochastic and MACD. This run up might be losing steam.

Marine sector had a major leg up the past 1 month or so. Hence this sector will be more susceptible to a heavier trackback to the support.

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