Straits Times Index will attempt to breakout from its resistance level this week.

The month of June started with a spike of volatility as it swings up and down during the week. Straits Times Index experienced a bullish start on Monday but it is lacking of bullish conviction as it neared 3300 level. Selling pressure started to set in on Tuesday as market participants were affected by the possible “World Cup effect” and economic data. This fear lead STI to as low as 3272 level on Thursday. However, the market remains supported on that day and was able to make a rebound on the next day. Friday’s rebound have helped STI to regain the lost ground of the week; resulted in STI gaining 3.58pts for the week. Hence, STI ended the week at 3299.43 with less than a point shy from 3300 level. With DJI closing 88.17pts ...