Straits Times Index bracing for short lived rebound.

Straits Times Index bracing for short lived rebound.

Straits Times Index started the month of Oct bearishly last week as the market got concerned about the HK protest over the week. Weak economic situation in China also mount on the concerns during the week. Therefore, STI was seen plunging from 3285 level on last Tuesday as the protest starts to escalate. Further selling pressure was seen after STI broke down from its lower low support at 3265 level. Bearish flood gate was opened on Thursday, causing STI to trade close to 3220 support level. The bearishness was reversed last Friday as the protest started to mellow down as officials decided to have talks with the protestors. Therefore, strong rebound was seen on Friday which helped STI to recover part of its losses. Hence, for the week, STI ended at 3253.24 level. A total of 38.97pts was lost last …