Straits Times Index ended November cluelessly

Straits Times Index ended the month of November with a flat week as the market struggles to find strong reasons to move. The week started with attempts to rebound as the support at 3160 level held firmly. However, the upside was capped by 3180 resistance level on Monday and it was being pushed back towards 3160 support level again. The support level held again and attempted a rebound on Thursday. Yet again, the rebound was capped by 3180 resistance level and the gains were quickly being returned on Friday. For the week, STI only gained 3.5pts which closes at 3176 level. Hence, the month of November was concluded last week with loss of 34.32pts. How will the December be like? Will STI be able to start the month of December bullishly?

Let’s look at STI’s chart to decide the likely direction.

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