Straits Times Index to consolidate at 3530 level.
Straits Times Index was seen trading firmly last week as it refused to continue its bearishness. The week started with bearishness which tested the support of 3530 level. This support level held firmly for the next 2 days despite attempts to break it. Buyers were supporting the support level of 3530 level by pushing the index back up after testing the support level. However, upside was limited during these few days. It was only during Friday’s movement, the bullish sentiment was able to prevail. Friday’s bullishness had helped STI to close the week with 24.79pts up; ending at 3570.17 level.
With Friday’s bullish momentum carry on this week? Or will STI be attempting to break the support level at 3530 level?
Let’s look into STI’s chart to determine the outcome.
Trend: Uptrend, 20 wma up, MacD above 0.
Support: 3530 …