Straits Times Index back to uptrending mode again.

Straits Times Index back to uptrending mode again.

It was an exciting week for STI last week as everyone were waiting for the announcement of the tapering of US stimulus package. STI rallied strongly in anticipation of good news from the Fed meeting which broke STI to 3180 resistance level. The next 2 days was strike with cautiousness despite being able to continue to trade higher. There were optimism in the market but it was just lacking of further conviction during the 2 days. On Wednesday night, the Fed meeting was concluded and they announced to withhold the tapering. Market cheered for this decision which created a sharp right in all markets around the world. STI gained close to 58pts on Thursday immediately. However, on Friday, critics start to comment and the market started to digest the news again bringing new concerns. Price retrace slightly due to profit taking on …