Straits Times Index at crucial resistance level

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Straits Times Index at crucial resistance level

Straits Times Index went against the possibility of heading lower last week as economic uncertainty starts to ease. French election had started last week. Worries of France leaving Euro zone eased as early polls were towards Emmanuel Macron who is pro-EU. The initial state of the week was seen shaky but bargain hunters were seen to be holding the market well at around 3140 level before it started to rise higher. Economic estimates turn out to be favour despite many expectations of bad figures. This caused the market to react positively and hence, pushing towards its recent high of 3188 level. However, there is still cautiousness in the air despite the bullish movement.

With such bullish movement last week, many are asking whether it will be sustainable. Uncertainties in the market are definitely present but will the bull prevail?

Trend: Uptrend, 20 wma …

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