Christmas Rally happening in Straits Times Index
Last week was a volatile week for Straits Times Index as big swing occurred last week. The week started off with a bearish breakdown as oil price slipped to new lows. Falling oil prices concerns weighted on the offshore sectors that day. However, the biggest concerns of that day are the upcoming FOMC meeting which is being speculated that interest rate hikes might occur; This draw bearish concern on the banking sector. Hence, on Tuesday, STI faced another round of selling pressure which broke multiple support levels. The concern eased on Wednesday as the market stabilises to get ready for FOMC meeting results. On Thursday, it turned out that that the Fed Government decided to withhold the interest rates hikes further. Gains then followed with the offshores and banks rebounding strongly. The gains then continued to happen on Friday. For the week, STI ......