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Straits Times Index will still face bearish pressure despite bullish closing last week

Straits Times Index started to gain some bullish traction last week after lacking of clear direction last week. The start of the week did not start with a bullish start. Instead, selling pressure was seen to push STI to as low as 3195 level. Upon this level, bargain hunters were seen entering the market to start pushing offshore marines sector higher.

Straits Times Index starts to consolidate at 3180 level.

It had been a quiet week for Straits Times Index last week as there was a tussle between the buyers and sellers. The start of the week was bullish but it was lacking of sustainability. Sellers were still in the market to prevent any strong upside movement. It is obvious to see that the strength of the bull was weak as it did not sustain its high at 3248 level.

Straits Times Index at crucial support level

The Straits Times Index passed last week with a bearish note as concerns on Trumponomics might fail to happen as the market makes comments on the ability of the US president. The start of the week was on a positive note as it had attempted to make a high of 3275 level.

Strait Times Index to continue on its upside despite concerns.

Despite the short week, Straits Times Index was seen rising towards the upside last week. The week started with weak bullish sentiment as the market was scooping for reasons to trade higher. There were profit taking pressure during the early week but buyers were able to sustain the rally.