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Straits Times Index facing threat of downtrend formation.

Straits Times Index experienced another week of blood bath as more market participants scrambled to exit the market due to concerns on world economic situations. During the early week, STI refuses to trade lower and was holding well. However, when there were talks of political unrest, many market participants decides to take the cautious approach and exit the market.

Straits Times Index to consolidate at 3530 level.

Straits Times Index was seen trading firmly last week as it refused to continue its bearishness. The week started with bearishness which tested the support of 3530 level. This support level held firmly for the next 2 days despite attempts to break it. Buyers were supporting the support level of 3530 level by pushing the index back up after testing the support level.

Straits Times Index faces strong sideways resistance at 3630 level.

Last week was a bearish week for Straits Times Index as profit pressure dominated the market during the last few days of the week. The week had a strong start but right after Wednesday, the market gapped down strongly on Thursday. This gap down action could be due to multiple index components going on Ex-Dividend.

Straits Times Index close to key resistance of 3630 level.

The Straits Times Index was struggling to find direction last week as profit takers prevented the market to raise higher. During every day, the market opening with bearish action; attempting to push STI to a lower level. However, there will always be willing buyers to hold the market despite strong selling attempts.