Straits Times Index trading in consolidation for further downtrend movement.

Straits Times Index trading in consolidation for further downtrend movement.

Straits Times Index was struggling to rebound last week as it faces resistance and numerous uncertainties in the market. Concerns of Syrian war escalate last week as US officials might plan strike on the country using their chemical attacks as a reason. US job data report had also brought out concerns of whether US Fed will cut down on their stimulus plan. Hence, with these concerns, STI failed to move decisively last week.  The week started with a rebound attempt which broke 3050 resistance level briefly and it failed to continue to trade higher on Tuesday. As the war concerns grew, STI staged a strong gap down action on Wednesday which caused STI to head towards 3000 level again. And for the last 2 days, STI struggled to trade above 3050 level again. Hence, for the week, STI traded in …