Straits Times Index currently at crucial support level.

 It was a week of excitement last week as STI managed to break for a new monthly high while strong selling pressure ends the week. The week started with a rebound after STI hitting near its strong support of 3200 level. Breaking of 3230 resistance level led to further buying strength as market confidence grew after clarification of the QE package in US on the previous week. Market participants’ confidence build up till Wednesday where STI broke its recent high of 3258 level and hit as high as 3277 level. However, this confidence did not sustain as the market found new bearish reason to retrace. Weaken China economy seems to be new worry current as SSE was seen sliding at the end of the week. Hence, on Friday, STI closed at 3236 level despite hitting a high of 3277 level during the ...