The significant thing I noticed today about the STI is that even though DJI closed poorly with a percentage drop of -7.67%, STI did not gap down that much at the opening. STI opened at a level of 1643.63 and using the previous closing level of 1690.23, it only gap down with a percentage drop of -2.75%. Overall, STI only lost 3% at the closing. I interpret this as a sign of resilience and less panic in the market.
Current support levels to watch out for includes the level of 1571 which was the minor bottom formed on the 21st of November and the level of 1471 which was the major bottom formed on the 28th of October.
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