Falling Oil Price continue to plague the market.
It had been an indecisive week for Straits Times Index last week as the world economy continues to be concerned of the falling oil prices. It started the week by falling strong to test its MA support at around 3300 level. This support level managed to hold the market well and created a rebound 3330 resistance level. This resistance level had been holding strongly for the next few days. From Tuesday till Friday, this resistance level refuse to barge as the concern of falling oil prices continue to weight on the market upside. Hence, the market turn out to be a ranged bound week as it trades between 3300 – 3330 levels during the week. Therefore, STI conclude the week at 3324.13 level with only 0.26pts down; making one of the flattest week. With oil prices plunging further last Friday, ...
...