Straits Times Index might be going on retracement mode for this week.

The start of April turns out to be a very bullish one. Straits Times Index was seen hitting new highs last week as investor confidence started to increase. There was some reluctance in the upside for the first few days of the week, but STI was able to break through the strong resistance at 3200 easily on last Tuesday. This breakout led STI to reach as high as 3228 level before profit taking pressure starts to set in. On Friday, STI failed to maintain its bullish opening and started to retrace within the day. Despite that, STI still managed to gain a total of 40.55pts for the week as it ended at 3212.72 level. Will STI’s bullish streak be ending soon or will there be more upside room this week?

Let’s analyse STI’s chart to identify ...