Straits Times Index bullish momentum is still intact.

Straits Times Index experienced one of the most volatile week last week as it failed to stay above its breakout level of 3350 last week. Oil prices concerns continued to loom the market last week as it affected the offshore sector’s price and future outlook. Financial shares also faced strong concerns last week as Europe’s economic situation remains a concern. These were the main reasons that caused a sharp drop early last week which reached a low of 3267 level. However, the rebound was also quick. On Wednesday, bargain hunters flocked into the market to support the market, causing a strong rebound to happen. This strong rebound managed to bring back some confidence in the market but the gains were tapered off by profit taking sentiment on Friday. Hence, STI lost 32.15pts last week; attributing to the sharp loss. Closing level ...