The Straits Times Index drifted lower in the week of Aug 23-27, ending 22 points lower week-on-week at 3,080. The move takes the index below both the 50- and 100-day moving averages which are currently at 3,138 and 3,153 respectively. The 200-day moving average is at 3,045. On the negative front, ADX is rising, and the DIs are negatively placed, suggesting that lower levels are likely.
Support/ breakdown is at the 200-day moving average. Any rebound is likely to be tepid, with resistance appearing at 3,138.
