Straits Times Index is setting up for uptrend formation.
Straits Times Index had a good week last week as it did not decide to take the bearish route. Although it started the week bearishly, STI was able to maintain its support at 3310 level and rebounded from that support level. More importantly, it went back above 3330 level which indicates that the bullish underlying is in play. However, the bullish movement on Wednesday failed to continue for the next 2 days. There was lacking of bullish catalyst to push STI higher. Strong selling pressure was seen on Friday but the resistance turn support level of 3330 level held firmly and refuses to break. Therefore, STI was able to end the week at 3341.73 level; Gaining a total of 14.64pts for the week. Will STI be able to continue to trade higher this week? Will its support at 3330 ...
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