Against the tide but the next ebb is coming

STI has gone against the volatility of the global markets and have risen significantly in the past week to 3821. That said, any anomalous behaviour should not be taken lightly or for granted. Surely, the Singapore market is rallying due to the rising interest rates that benefits our heavily weighted bank stock counters. Besides that, most constituents on the STI are still staying resilient but are not moving as much for the time being. Seeing that the omicron virus has not caused too much distress to the healthcare system, now we will have to wait for more news on the reopening of VTL travel with other nations and the further revision of restrictions for both domestic and international travel.

STI – Updated Daily Chart

The daily chart exposes that the STI uptrend is met with a resistance line at 3280. Although at Friday’s closing the candlestick is solid, it might still be facing a significant