Chart Source : Poemsview 23rd July 2018
Straits Times Index has had a rather nice rebound over the last week. STI hit our support of 3220 which held and started staging a rebound close to 80 points from the low. In fact, it was one of the strongest market in the region when others were falling.
We’re glad we managed to alert our readers on this.
It has gone above the 10ema as we pointed out from our previous blog post From then our Straits Times Index showed great resilience and made a good come back.
Our next possible target might be 3334 area where there could be potential resistance.
One main concern might be the ongoing trade war which might even escalate to a currency war. And trump continues to talk about imposing tariffs on all $505 billion of Chinese goods. But the good thing was that market didn’t react too negatively to that. So we’ll continue to be nimble and trade accordingly to the charts.
Phillip Securities CFD is the only stockbroker in Singapore providing the Straits Times Index for trading! Do contact us to know more to take advantage of the rebound.
Another round of rebound might soon be coming.
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