Straits Times Index consolidating for upside movement

Last week was a week where Straits Times Index was being strangled by the tight trading range between 3200 – 3230 levels. There were attempts to break out of this trading range but it lacks of conviction to be out of the range. The week started off with attempts to rebound but selling pressure faces the market to stay close to 3200 level. However, on Wednesday, STI managed to find reasons to rebound after the US market showed strong bullish gains. But, 3230 resistance prevented STI from surging further. Selling pressure sets in for the rest of the week; pushing STI back to its support at 3200 level. Hence, for the week, STI was not having much gain and ended with only 4.04pts up. STI closed at 3201 level.  Penny stocks have been taking a very bad hit last week after ...