Straits Times Index continues its consolidation mode despite "Fiscal Cliff" concerns

STI was seen struggling to trade higher last week as traders remain cautious on the market as the Christmas holiday approaches. The week started off with slight retracement as the resistance at 3172 level capped the upside of STI. For the next 2 days, STI attempted to break the resistance level again but failed to do so and ended trading below it. Positiveness came in on Thursday as STI managed to trade above 3172 for the first time over the weeks. But it was unsustainable as the traded volume for the day was an unconvincing one. On Friday, news on the breakdown of “Fiscal Cliff” policy flooded the market triggering selloffs in the Asian market which brought STI back below 3172 level again. Eventually, STI closed the week with at 3,163 level with 4.87pts lower for the week. ...