Straits times index confirmed its uptrend, more upside is expected.

Last week, STI enjoyed a bullish week where is managed to break out of the major resistance level of 3080 level. Breaking of this resistance level indicates that STI will be continuing its uptrend formation and likely to head much higher before a significant correction might happen. Concerns of EU situation coupled with lack of direction from the China market leads to weak sentiment in the early week. However, assurance from the ECB in Europe helped to lift up the market sentiment during the middle of the week which allowed STI to test 3080 resistance level. The breakout of 3080 resistance level happened when the market is positive about US’s job data on that night. US market’s job data showed an improvement on Friday night which allowed DJI to climb 34.79pts higher. STI closed for the week with 47....