Chart Source: Poemsview 9th Aug 2018
We hoped everyone enjoyed watching the National Day Parade and managed to spend some quality time with friends and family.
As promised, we’re giving constant updates on the Straits Times Index.
Straits Times Index had a powerful rally on Tuesday up over 60 points at one point in time. It was a rare treat as we hardly see our Straits Times Index putting up such a spectacular show.
Some contributing factors was that UOB, OCBC and Venture all reported a good set of results which resulted in a push in the market. It also caused the shortist to cover their position as the rally was just too fierce.
So, will this rally continue? Well, it’s back to our trading plan drawn a few days back.
- STI did pull back but not as much as we expected which could indicate some strength. A higher low formation looks in place.
- The Resistance at the 3338 area continues to hold as mentioned previously. A break and staying above that might indicate a higher swing up to 3417 area. We’re watching for this break.
- The 3338 resistance also coincides with the uptrend support turn resistance now. So if STI manages to stay above it we might see further upside.
Once again, we hope our timely updates on the of the Straits Times Index on our blog has been useful.
If you’re interested in knowing how to use Poems CFD to long or short our Straits Times Index then our upcoming workshop on the 15th Aug is for you.
More details in the Link HERE
Don’t miss out as we’ll be sharing on how to be part of our EXCLUSIVE COMMUNITY too.