STI +0.1 at 3186.89, has flitted around par in a narrow 10-point band so far and looks unlikely to break out either way today with participation very low at 807 million shares. CIMB says it is now “fairly bearish” on the market in the short-term.

 

Adds, the STI on Friday fell below its channel support turned resistance at 3209 after briefly moving above it Thursday, suggesting “that the bulls are weak. The index also closed below its 50-day SMA, which is another negative.” 

 

From here, expects prices to fall further to test the neckline of the potential head and shoulders pattern at 3120 this week. “Breaking below would be very negative...it would mean that (the index) could drop about 200 points to 2920, based on the height of its head to the neckline.” 

 

Among most actives, Healthway Medical (5NG.SG) +9.7% at $0.17 on a report of potential new investors.