Straits Times Index still uptrend but it is at crucial point.

It had been a pretty flat week for Straits Times Index as STI experiences the month end of April and the start of May. Last week started with a bearish start as STI started to retrace after hitting a high. The market continued to retrace on Tuesday and it tested 3230 support level. This support level held well and it attempted to rebound from this support level on Wednesday. STI returned back above 3255 level and closed positively to end the month of April. Many were speculating that the bullish movement is due to “window dressing” effect. However, the gains failed to sustain after the Labour Day holiday. Hence, for the short week, STI lost 15.02pts although it could have dropped further. STI ended at 3252.55 level. Will STI be able to sustain it current uptrend momentum ...