Sraits Times Index = 1,638, after crossing yellowline, it also crossed 1,632 resistance... Bullish
As expected, the Asian markets received a lift from the positive developments in the US, and the Singapore market was no exception. On the technical front, the STI broke above the 1600 resistance (30-day MA) with ease, with the index's rally coming to a hiatus at 1630-1640 region (some minor peaks and troughs) as we had anticipated.
While the intraday technical indicators point towards a slight pullback in the afternoon, we note that they remain pretty positive. We see immediate support at 1621 (upper channel resistance-turned-support), ahead of 1600. On the upside, there seems to be a relatively strong cap at 1650 (50-day MA and upper Bollinger Band).
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