Straits Times Index facing consolidation pressure.

Straits Times Index facing consolidation pressure.

It was a week of uncertainty for Straits Times Index last week as market participants were indecisive of which direction STI should take. The week started slightly higher but its bullish attempts during the day failed to materialise more. The selling pressure was more obvious on Tuesday despite making a high of 3319 level during the day. Sellers dominated the market on Tuesday which caused STI to close lower. Further selling pressure was seen on the next 2 days while buyers were still attempting to push the index up. Bullishness was only seen on last Friday due to late buying strength. Therefore, STI closes at 3314.77 level with 25.88pts up for the week.  Can STI sustain Friday’s bullish movements and continue this week? Or will the recent Ukraine unrest shake the foundation of the market today?

Let’s set our expectations for …