Straits Times Index facing downtrend pressure

Straits Times Index entered another week of bearishness as concerns of US trade tariffs can have economic impact on the world trade. Traders in the market were quick to exit the market on Monday by creating a gap down action which breaks the key support level of 3355 level. Breaking 3355 level indicates a downtrend formation for STI. STI was reluctant to drop further during the week as it managed to stay above 3295 level until Thursday. However, fresh concerns led STI to break this level as it starts to head towards its next support of 3270 level. This support level was being tested and prevented STI from dropping further last Friday.

So with these bearish actions, STI closed the week at 3287.40 level with 69.33pts down. Will this bearish sentiment continue for this week? Or will STI start to rebound?

Let’s …