Straits Times Index might attempt a rebound

Happy Lunar New Year to everyone and I wish everyone will Huat Huat Huat this year!

Last week, Straits Times Index did not show a sea of red as an auspicious symbol to start the Lunar New Year. Market participants are excited by the cheaper valuation in the market and decided to buy into the market. In the shot 4 days week, STI was able to start the week bullishly. However, the bullish start was not easy as it continues to face selling pressure which caps STI’s upside. It is clear to see the strength of the bears in the market on Wednesday as STI was unable to sustain its strong opening during the day. But STI still managed to close the week with 66.27pts up as sellers decided to take a earlier break at the end of the week on Thursday. …