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Bearishness set to continue to end 2017

Merry Christmas and Happy New Year to everyone! Today’s weekly analysis will be the last of the year before we embark to tackle 2018’s market.

Straits Times Index set for retracement actions

Straits Times Index had a volatile week last week as it attempted to break its resistance at 3450 level. In the early week, STI managed to maintain break this resistance level and maintained above 3450 level. This breakout proved to be unsustainable as sellers were seen repeatedly trying to push STI back below 3450 level after the breakout happened on Monday.

Straits Times Index might start to build sideways momentum.

Bearish sentiment had broken the bullish streak of Straits Times Index last week. Lacking of fresh bullish catalyst caused buyers to stay out of the market for the week. Overwhelmed by concerns of possible weak economic data, many market participants preferred to take profit off the market to avoid any risk of uncertainty.

Straits Times Index hovering at resistance of 3450 level.

It had been a rather flat week for Straits Times Index as the market attempts to find reason to trade higher in fear of higher tax reforms in US. Many market participants were staying sidelines at the moment as they wait for more clarity in the market. Despite the cautious mood, STI is still able to test its resistance level at 3450 last Friday.