First week after Chinese New Year turned out to be a week of bearishness. Straits Times Index halted it’s ascend and decided to take the bearish que. Controversies of US President Trump’s policy on immigration rocked the market during the week which triggers fears of kick starting economic instability in US. During the week, there were attempts to rebound were seen. However, sellers dominated the market to push the price lower, preventing the rebound attempts to turn out unfruitful. Therefore, STI closed the week with a high of 3073 level but ended up at 3041.94 level. A total of 22.91pts was lost during the week.
With this bearish closing, how will STI behave for this upcoming week? Will further downward pressure persist in the current week?
Let’s look at STI’s chart for the answer.
Trend: Uptrend formation, 20 wma up, MacD …