Straits Times Index to continue to consolidate for the long weekend ahead

It had been a volatile week for STI last week but it managed to stay bullishly. The week started by testing its 50ma support line at 3230 level and it showed strength in this support. There was attempt to rebound on Tuesday but it was plagued with selling pressure as concerns of US economic data might affect the market’s performance. The next day indeed reacted bearishly which pushed STI to hit 3221 level. However, there were MA lines running at that level which held STI strongly. Rebound was quick the next day as economic concerns ease out. But market continues to trade cautiously despite bullish closing. On Friday, STI started the day strongly but it faces selling pressure during the day as market participants were cautious and were avoiding weekend positions. Eventually, STI still managed to gain a ...