Straits Times Index facing retracement risk

Bullish streak for Strait Times Index had ended last week as the market rushed to exit the market. The week started flat as many are still finding clues to spur the market towards upside. However, bearish movements in US market had caused jitters to the Singapore market on Tuesday. Many rushed to exit the market as buyers were also fearful in entering the market. Talks of deeper correction were hyped up during the mid week which created further fear. Key support level at 3355 was broken on Thursday which sparked more bearish talks in the market. However, US rebounded strongly on Thursday night trigger a stream of buyers to rush into the market on Friday. This had helped STI to lose only 37.72pts for the week despite hitting the low of 3341 level. This volatile week ended at 3382.38 level.

Will Straits …