The Straits Times Index faced a volatile week last week as market participants were fighting to decide a market direction. The week first started with strong selling pressure which broke the support at 3450 level slightly. Instead of sliding lower the next day, STI opened with a gap up on the next day. This brought STI back above 3450 level. Talks of US tariffs continue to affect the market and brought STI back to test 3450 level again. However, this support level held well as buyers rushed to support the level. This volatile movements in the market have helped STI to recover 6.37pts; ending at 3485.57 level.
Support at 3450 level seems to be holding strongly. Will STI be rebounding from this support level and start to form a new uptrend formation?
Let’s analysis STI’s chart for the clues.
Trend: Possible …