Straits Times Index is now forming its Uptrend formation.

Straits Times Index is now forming its Uptrend formation.

It was a bullish week for STI last week despite its various struggles with the resistance at the various resistance levels. Bearish sentiment in the market seems to have vanished after Ben Bernanke announced on last Wednesday night that they will keep the stimulus package intact. Market cheered immediately after that announcement. The cautious start of the week started to turn into a clear bullish sentiment on Thursday after the announcement. Multiple resistance level which STI had trouble breaking broke easily as market confidence started to regain. However, trading volume for the week did not improve drastically but it turns out to be slightly better than the previous week. For the whole week, STI managed to gain 66.33pts which recovered quite a significant amount of losses. 3236 level was the closing level that STI achieved last week. Last Friday night, …