Straits Times Index might be consolidating for reversal to uptrend.

Straits Times Index might be consolidating for reversal to uptrend.

STI started the month of July with volatility as there was a constant battle between the bulls and the bears. The week started with slight bearish note which could trigger potential reversal point where it can form downtrend continuation pattern. However, on Tuesday, the market shrugs off this potential by hitting 3180 resistance level. On Wednesday, the gains were returned and once again, STI starts to trade below 3150 level again. For the next 2 days, STI slowly gained back the losses and ended near 3180 level. This constant struggle during the week had helped STI to close at 3169 level which gained 19.29pts for the week. Trading volume for the week was surprising low as the volatility could have drove market participants into cautious mode. For this week, how will STI behave? Will cautious mode continue this week?