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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.

Straits Times Index sustains its uptrend movement

Bullish sentiment continued for Straits Times Index last week. Market participants continued to be positive on the direction of the market, pushing STI to as high as 3331.13. High offer price for Global logistic trust has brought confidence in the market that there is more value in the market to be unlocked.

Straits Times Index broke out of key resistance of 3270

At last, the Straits Time Index managed to secure a more sustainable bullish movement after months of sideways movement. The key catalyst for the bullish movements was triggered by Yellen’s comment on US economy and the potential of future interest rate hikes. This drew positive sentiments in the market.