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Straits Times Index to hover around 3170 level

It has been a quiet week for Straits Times Index as market participants remains cautious on the outcome of the visit of US president Trump to China. Talks between the 2 countries are ongoing currently but early reports are showing that they are building up with some trade ties; in oppose to what was widely speculated. The week started with positive sentiment that was quick to lose its steam.

Strait Times Index sitting on the fence

Straits Times Index ended first quarter of the year with a bullish closing. Market participants decided to pick themselves up after the fall that was triggered by concerns of Trump’s lacking of power to implement the policies that he had promised. In the early week, STI managed to rebound from the low of 3112 level and head towards its resistance at around 3170 level.

Straits Times Index facing correction risk

Straits Times Index faced a week of profit taking as concerns on US president Trump’s policy implementation starts to face headwind last week. Market participants made use of such opportunities to exit the market despite a strong start in the week. 3160 resistance level held firmly despite being broken for a few days.

Straits Times Index attempting a breakout

Straits Times Index continued to its bullish streak while US Federal Reserve announced its first interest rate hike for this year. The week was first greeted with cautiousness as many chose to stay sidelines ahead of the announcement of the interest rate hike last Wednesday. Some traders anticipate the possibility of bearishness ahead of the announcement and hence, exited the market.