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Straits Times Index trading at critical point.

The Straits Times Index managed to halt its bearish movement as it managed to find its support after breaking its important support of 3270 level. The bearish sentiment only managed to push STI to as low as 3244 level before bargain hunters entered the market to scoop up bargains. However, the buyers were unable to push STI beyond 3270 level as this level seems to turn into a resistance level.

Straits Times Index faced 3355 resistance level.

The Straits Times Index faced a week of selling pressure as tension arises between North Korea and US on Friday. The week started with lack of catalyst to push the market higher. Market participants were more eager to take profit off the market after numerous index components went ex-dividend. With some buyers support, STI was seen holding firmly above 3300 level till Thursday.

Straits Times Index starting to show signs of weakness.

The Straits Times Index attempted to trade higher last week as the market entered deeper into the earnings reporting season. The week started with profit taking action but buyers were quick to snap up the sellers the next day. Further buying continued but it failed to reach the resistance at 3255 level; reaching a high of only 3249 level.

Target resistance level of 3355 is being tested.

The Straits Times Index continued their bullish movement last week as market participants are positive on the improving economic environment. Banks results were being reported last week and this lead to bullish strength in the banking sector. With the banks trading higher, the index managed to get a boost from them.