Straits Times Index facing sideways market.

Straits Times Index facing sideways market.

Last week was a bullish week for Straits Times Index as market participants were buying into bargains in hope that more market stability will come. STI started the week slightly down as sellers were attempting to push the market below its support level. The support at 3305 level held strongly as it confluences with the 50ma support line. This support is now a foundation for STI’s bullish movement for the rest of the week. On Wednesday, STI managed to test its resistance at 3330 level and was unable to break it. For the next 2 days, STI continued to test this resistance level but failed to break it too. Hence, 3330 resistance level capped STI’s upside last week and eventually leads to a closing at 3325.5 level. A total of 10.73pts was gained last week. Will STI be able to maintain its …