2580 did not hold as well, next support level at 2500 then 2436
STI has been rather sensitive in the past weeks, apparently, all of its gains in June has been wiped out by the fear of a second wave. This happened while GSPC stabilized above 3150 levels in July. As Singapore approaches National Day, investors are getting nervous because GLCs are all balancing above their support levels at the moment. This week’s STI market outlook is surprisingly bleak in terms of technical analysis however knowing that markets are unpredictable, its eventual performance might be unexpectedly good as well.
STI – Updated Daily Chart
Uptrend has been put on hold, onwards to next support at 2500
On the Daily Chart, we are heading towards the next support level at 2500 and unfortunately, the uptrend parallel channel has since become invalid. Though there might be a chance for a spike back up above the lower limit of the parallel channel, chances are small. Nevertheless, US did close green