Straits Times Index facing selling pressure
Straits Times Index faced another week of negativity as the market struggled with falling oil prices concerns. Another fresh concern was also brought up last Thursday. Swiss government decided to relieve their currency cap; this sparked a sharp rise in Swiss Franc which sparks many fears that it will shake the already shaken European economy. Therefore, STI faced a dread week last week. The week started off bearishly but it attempted to trade higher. It was capped at a high of 3349 level before selling pressure sets in. For the first 4 days of the week, STI was hovering close to 3350 resistance level but it can never break this resistance level. Due to the abrupt news of rising Swiss Franc, market participants exited the market in fear on Friday, bringing STI to a low of 3291 level. Some bargain hunters entered the market ...
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