Straits Times Index is to start its retracement mode.

Straits Times Index is to start its retracement mode.

The Straits Tiimes Index clocked a pretty flat week last week as it struggled with maintaining it upside strength. The early week was lacking of direction as it was facing selling pressure that was being quickly countered by buying strength. Hence, market trading volume was seen uninteresting for the first 3 days. Thursday was a day where it caught market participant’s attention. There was sudden surge of buying activities which push the market for a breakout of 3365 resistance level. Many speculated that it was due to “window dressing” effect as the month of July comes to a close. Evidences of the effect were clearing seen on the next day where STI failed to hold above 3365 level. All of its gains of Thursday were quickly being erased on Friday. Hence, for the week, STI closed with 5.75pts down, ending …