Consolidation might continue in Straits Times Index

Another flat trading week was seen for the Straits Times Index last week due to a bag of positive and negative news. STI was seen trading bearishly during the start of the week as tension at Ukraine escalated. This caused STI to start sliding towards 3230 support level for the next few days. STI tested its support at 3230 level on Wednesday and it managed to hold the support strongly. Positive sentiment from the US market was seen on Wednesday night and this brought back bullish strength to the market on Thursday. STI retested its resistance at 3255 level on both Thursday and Friday but they were unable to make good progress on the 2 days. Hence, for the week, Straits Times Index was seen closing flat with merely 0.42pts down, ending at 3252.13 level. Will STI be able to break ...