Uptrending opportunities in Straits Times Index

Uptrending opportunities in Straits Times Index

Last week, STI was seen struggling to find its momentum after a retracement action during its start of the week. There were a chain of concerns during the week as Moody had downgraded Singapore banks’ rating to negative outlook while US government had their FOMC meeting to discuss on their QE policies. This news had set a cautious tone for our market last week. The week started with selling pressure as profit takers were exiting the market using Moody’s ratings as an excuse to exit. The selling pressure ended on Wednesday as Singapore MAS came out to defend the rating. However, intraday trading activity became cautious as market participants got very cautious of the results of the 2 days FOMC meeting. On Friday, after the meeting, there was lacking of trading activities too as the market decides to have more time to digest the …