SINGAPORE (Aug 2): Quarterly momentum has broken down and has weakened considerably since end July. The Straits Times Index slipped below the confluence of the 50- and 100-day moving averages at 3,277 and 3,278. The breakdown took place on expanding volume, a sign of selling. The next support appears at 3,200. However, since medium term indicators have weakened, with ADX turning up and the DIs have turned negative, the STI may fall below 3,200, to the support low of 3,110 reached on end-May.

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