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The bullish sentiment remained firm last week. The bullish sentiment was mainly seen during the early week which pushed STI to as high as 3611 level. This bullish sentiment came to an end last Thursday as market participants preferred to stay out of the market. Strong profit taking pressure returned most of the gains of the week and this sentiment ended the week at 3567.14 level.
Last week was a week of tussle between the bulls and the bears. The Straits Times Index managed to trade above 3530 level by going beyond this level at the start of the week. Bullish efforts were quickly being countered by the selling pressure during mid week as market participants were unable to find new reasons to support the market.
The Straits Times Index continued its bullish streak last week. Buyers were positive of the upside and were seen buying during the early week. This leads STI to reach its resistance level at 3530 level. However, the resistance level at 3530 level seems to be firm. This prevented STI from going higher as profit takers were seen dominating the market.
Since 2016, I have been talking about this Securities Wrap service which some of my clients had adopted. Let me briefing explain how this Securities Wrap service works. Traditionally, it has been part of the securities regulations that Trading Representatives like me are not allowed to give advices on client’s investment positions.