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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.

Straits Times Index hitting key resistance level

Despite the possibility of bearish movements to happen last week, Straits Times Index managed to put aside the bearish sentiment and pushed for the upside. A series of earnings announcement have somewhat dampened the market but market participants started to look forward to other catalyst. Oil price faced a little volatility last week but it was quick to rebound.

Bearish start after Chinese New Year Break

First week after Chinese New Year turned out to be a week of bearishness. Straits Times Index halted it’s ascend and decided to take the bearish que. Controversies of US President Trump’s policy on immigration rocked the market during the week which triggers fears of kick starting economic instability in US. During the week, there were attempts to rebound were seen.

Straits Times Index celebrates Chinese New Year with a bullish closing.

Straits Times Index managed to end the week positively to celebrate Chinese New Year last week. Buoyant by the festive mood, STI was able to shrug off the bearish mood created by the festive week. This bullish action was started with a strong bullish start during the week where market participants reacted positively to the actions taken by President Trump.