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Straits Times Index boosted by property cooling measures

Straits Times Index managed to end another week bullishly and continued to head towards its strong resistance at 3160 level. Volatility was seen during the week; moving like a headless creature. The highest that STI had attempted to reach is at 3150 level which was clocked on Wednesday.

Straits Times Index hovering at 3100 level for now

Straits Times Index attempted to reach for a higher level this week but it faced profit taking pressure during the week. The week started off weak with brought over selling pressure from the previous week. This allowed STI to test its support at 3100 level again. This support level broke briefly on Tuesday but support at 20ma weekly line was firm.

Straits Times Index broke strong resistance of 3100 level

Straits Times Index managed to have a significant breakthrough last week. The strong resistance of 3100 level was broken. This bullish strength was contributed by the strong positive vibe from local economic data to the belief of the impact of Trump’s promised US policies. There were moments during the week where the market pushing the banks with anticipation of US interest rate hikes.

Straits Times Index extending its reach at key resistance level.

Straits Times Index traded mixed last week as it starts to experience the earnings reporting week for the banks. The week started off with positive vibe as market participants were expecting strong results from the banks. However, when Ocbc bank announced its earnings, the market was surprised by it and caused STI to gap down strongly, triggering the biggest drop of the month.