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Straits Times Index still consolidating

It was a short week for the Straits Times Index as the Christian celebrated the Good Friday. Bearish sentiment was also cut short as the market continued to face uncertainty over the trade war issues. Volatility was seen during the week as market participants were flicking to and fro from bullish to bearish sentiment. The opening for the week is weak but it was being reversed the next day.

Straits Times Index to consolidate this week

The Straits Times Index had a bullish week last week but it failed to reach the recent high it had achieved last month. The start of the month was strong as STI managed to gapped up on Monday which brought strong bullish momentum to break its resistance at 3530 level. STI managed to sustain its resistance level till Wednesday.

Straits Times Index will likely to rebound.

The Straits Times Index faced a volatile week last week as market participants were fighting to decide a market direction. The week first started with strong selling pressure which broke the support at 3450 level slightly. Instead of sliding lower the next day, STI opened with a gap up on the next day. This brought STI back above 3450 level.

Straits Times Index sitting on the fence

Last week, the Straits Times Index faced a streak of bearish actions as market participants were reacting US interest rate hike concern during the early week. Bullishness kicked off the week but it was unsustainable. Sellers dominated the market on Tuesday which prevented STI from reaching out for this year’s high at 3611 level.