Straits Times Index bullish momentum is to continue.

It is another bullish week for Straits Times Index as the market is buoyant by strong economic figures. The start of the week was plague by profit taking pressures as market participants were cautious ahead of announcement of Singapore’s GDP figures on Friday. Selling pressure was seen for the first 3 days of the week as the index was pushed to as low as 3272 level. Early economic data on Thursday had helped STI to regain its bullish traction; reversing early week losses to gains. Further gains were made on Friday as the economic figures were seen higher than expected. Therefore, Straits Times Index was able to close the week with 27.82pts higher. Ending at 3319.11 level.

STI is now experiencing a 2nd week of bullish movement. Will 3rd bullish week happen this week?

Let’s read the chart …