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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!

Straits Times Index in the midst of correction

Strong selling pressure seeped into the Straits Times Index as the stock markets of the whole world went into selling frenzy. The selling sentiment started in US market first which created a domino effect to other leading markets. Reports of corrections happening became real as profit takers scrambled to exit the market quickly after a long streak of bullish movements since last year.

Straits Times Index poised for retracement movements

The long awaited bearish sentiment started to appear in the Straits Times Index last week after 5 weeks of rally. STI attempted to trade higher during the early week but failed to sustain the bullishness. Selling pressure was triggered by the bearishness in the US market. There was no strong reason for the market to start buying and hence, sellers dominated the market last week.