Technical Analysis
STI Outlook – As of 30th January 2021
By Loopholes Singapore  •  January 30, 2021
Uptrend still intact but the correction has not stopped The pullback from 3000 was in fact a market correction sparked off by the recent stock rallies/episode of retail vs institutional investors. Unsurprisingly, STI, the index that has been lagging behind also took a literal u-turn and headed south for 4 out of 5 days last week. At closing on Friday, the STI closed just above 2900 after bouncing from its 20 days MA. That said, SING futures continued to fall another 3 points or 1% which means the STI still has not reflected the actual low it is at. The question that many investors have is when will this correction end? Well, my best estimate is that it is ending soon (supported by TA) because the recent #Bitcoin tip from Elon Musk did not result in a lasting rally. This suggests that this entire episode might be coming to an end and so is the excitement of short positions in the market....
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By Loopholes Singapore

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