Its close to 4pm now and the Straits Times Index is down over 50 points due to China tightening its grip on HK.
Hong Kong index is down over 1000 points or 5%, something which we haven’t seen in awhile. Due to the regional unrest, our Straits Times Index or STI also is affected . We’re down about 2% at the time of writing.
So what’s our game plan? If you noticed we’ve been rather bearish on the markets and continue to remain so until we see more convincing signs of rebound. With every rebound in the STI it seems to be making a Lower High despite US side having massive gains. This to us shows some weakness. STI is currently on its horizontal support of around 2500.
What could happen from here? Some possible scenarios:
So stay alert! We’re eyeing more downside as you can see STI is below the moving averages but are flexible to react as market remains volatile and remembering the saying, Don’t Fight The Feds!
Want a quick discussion on the market direction?
Feel free to drop us a line!
Yours
Humbly
Kelwin&Roy
The post Straits Times Index – [ Where Is The Support At? What’s The Game Plan Now? ] appeared first on Singaporehumblestock.
Created by humblestock | Jun 06, 2024