Straits Times Index trading at a crucial point now

The Straits Times Index struggled last week as it has trouble breaking its resistance at 3315 level. As expected last week, STI started its week by attempting to trade towards 3315 resistance level. However, it took 3 days to reach 3,300 level as market participants were indecisive and cautious of the upside of STI. On Thursday, STI decided to take a breather and was flooded with profit takers pushing STI down. New concerns on QE policies in US and China’s plan on cooling measures on its property market triggered fears that it will not sustain the current bullish run. The 3 days gain was immediately wiped out on Thursday and on Friday, STI continues to slide slightly lower. For the week, STI closed at 3288 level with merely 5.06pts up for the week. Last Friday, STI managed to stage a ...