Jay’s Mentoring Group!

Latest Posting

Straits Times Index will likely to rebound.

The Straits Times Index faced a volatile week last week as market participants were fighting to decide a market direction. The week first started with strong selling pressure which broke the support at 3450 level slightly. Instead of sliding lower the next day, STI opened with a gap up on the next day. This brought STI back above 3450 level.

Straits Times Index sitting on the fence

Last week, the Straits Times Index faced a streak of bearish actions as market participants were reacting US interest rate hike concern during the early week. Bullishness kicked off the week but it was unsustainable. Sellers dominated the market on Tuesday which prevented STI from reaching out for this year’s high at 3611 level.

Straits Times Index starting its bullish streak

The Straits Times Index managed to perform a rally last week as it confirmed its rebound from the support of 3350 level. This bullish action happened after breaking its resistance at 3450 level; which leads to confirmation of the bullish reversal pattern. Looking into the daily market action, it seems that there was strong tussle between the bullish and bear as 2 days of the week ended in red.

Straits Times Index might attempt a rebound

Happy Lunar New Year to everyone and I wish everyone will Huat Huat Huat this year!