Straits Times Index nearing the key resistance level of 3355

Straits Times Index continued its bullish streak for the 3rd consecutive weeks as market confidence starts to build up. Buoyant by improving economic situation around the world, STI was able to trade closely to this year’s high of 3354 level. This level has yet to be tested but it is likely to be tested soon. During the week, volatility was seen daily as buyers were seen hassling with the profit taking sellers. Buyers were seen winning daily as the market closed higher every day. However, such market actions made some market participants worried. Hence, there was lacking of strong bullish movements during the week. These actions lead STI to close at 3340.73 level with 21.62pts up.

With profit taking attempts seen during the week, will STI continue to seek for a higher level this week?

Let’s determine …