Chart Source: Poemsview: 21st March 2018
Straits Times Index or STI had a fake breakdown from its uptrend support line yesterday.
It managed to close above the uptrend support line and tested it again today. For now markets are awaiting fed’s decision on the interest rates. Although markets are prepared for interest rates to raise this time, they are watching what the new Fed chairman Jerome Powell has to say during his first news conference.
As such, this might bring more market volatility has market embrace to the new changes. Market is still uncertain as to how many more hikes are coming this year or next and market dislikes uncertainties.
So continue to follow closely, we have drawn some support lines and resistance lines. And watching for the breaks. Overall, if there are pullbacks it might present opportunities to position ourselves for a next possible upswing.
So STAY TUNE!
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