Singapore STI: Expected to Correct Downwards

The 60 points rally on Friday was marred by the performance of the DJI on friday where the DJI fell about 256 points. The STI closed at 3,126.87 on Friday. Today, it opened at 3,060.60 points is now at 3043.30 as at 12.30 noon. The STI tested the resistance level of 3,160 points last week. Since the STI is near the resistance level, the STI is expected to correct downwards and may find support at 2,970 points level, a 50% retracement from the mid-March rally to the peak last week. by Benny Lee