Straits Times Index hovering at 3100 level for now

Straits Times Index attempted to reach for a higher level this week but it faced profit taking pressure during the week. The week started off weak with brought over selling pressure from the previous week. This allowed STI to test its support at 3100 level again. This support level broke briefly on Tuesday but support at 20ma weekly line was firm. Hence, a rebound was formed and this helped STI to reach its resistance at 3160 level. Testing 3160 resistance level turns out to be a brief moment also as sellers was eager to exit the market. Hence, volatility spiked and caused STI to end the week flat. For the week, 5.31pts was gained. Closing at 3122.34 level.

One of the main topics that were discussed over the week is the US Fed interest rate hike. Many are confident …