Straits Times Index in 5 years high

Straits Times Index in 5 years high

Last week, STI charged forward to hit a 5 years high as market confidence strengthens despite a string of events of concerns. The week started off bullishly as it attempts to test its immediate resistance of 3315 level while selling pressure was being seen during the day itself. The next day, drastic selling pressure was seen throughout the day as participants experiences market panic. However, it was easier being put off on Wednesday as there is a sudden reversal of market confidence. 3315 resistance level was then easily broken and STI starts to head for the next resistance of 3330. STI seems to be ignoring the resistance level and continued its bullish charge till the end of the week. Eventually, STI close at 3348 level and ended with 54.82pts higher for the week. Many were concerned of whether this rally is sustainable …