Finally a breakout from consolidation?

Singapore just announced that they are still looking at around 3.6% GDP growth for 2022 while expecting inflation to be around 4.8%. This means that the growth is likely going to be muted by the impacts of inflation. That said, we will still expect more positive reporting of performance especially in terms of revenue. As to why the market is attempting to breakout? It might be a technical rebound since the US market has also stayed relatively positive for the past week. At the moment, many investors should be feeling wary of this breakout from the consolidation zone as it might be short-lived before all the earning calls start rolling out in the coming weeks.

STI – Updated Daily Chart

The breakout from 3120 level quickly advanced to 3150 showing the eagerness for investors to get out of the consolidation zone as it has...