Straits Times Index attempting a breakout

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Straits Times Index attempting a breakout

Straits Times Index continued to its bullish streak while US Federal Reserve announced its first interest rate hike for this year. The week was first greeted with cautiousness as many chose to stay sidelines ahead of the announcement of the interest rate hike last Wednesday. Some traders anticipate the possibility of bearishness ahead of the announcement and hence, exited the market. This caused STI to trade lower on Wednesday before heading higher after the announcement of the interest rate hike. Falling oil prices have also put pressure on the offshore marine counters last week which capped STI upside. However, bullishness entered the market again as many cheered upon the announcement of the interest rate hike in US. This allowed STI to reach its resistance level at 3160 level. Eventually, this resistance level was broken slightly last Friday as STI is able to close at …

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