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The Straits Times Index closed 11.82 points or 0.38 % higher at 3,135.52 points. Market action was relatively volatile as compared to its three-day average. The Straits Times Index opened at 3,126.41 points and traded 29.03 points between 3,125.49 and 3,154.52 points. Market sentiment was uncertain for Straits Times Index as it closes near the open of the day. Trading activity was relatively firm in the past one week.

Although the day ended uncertain, the immediate trend is still bearish as Straits Times Index declined 1.04% since last week. Based on the moving average indicators, the short term trend (using a 30-day moving average) is in a down trend . The mid-term trend, based on a 60-day moving average indicates that the current trend is up. The decline in short term average despite increase in mid-term average indicates that the mid-term trend is in a correction. The 100-day moving average, which is used to identify the long term , is indicating a down trend.

Generally, the market is dominated by the bears, based on the 14-period Relative Strength Index (RSI) indicator. However, the Average Directional Index (ADX) indicator does not show any bulls or bears dominance. The Bollinger Bands indicator, which indicates price volatility indicates that trend is in a correction in the short term. Using the Average True Range indicator, declining daily volatility as compared to the previous week’s volatility indicates weak momentum in the short term.

The price is currently at the short term average where the Stochastic indicator is at neutral. The increase in Stochastic indicator shows that the price is being supported and may increase further. Short term chart patterns shows that there is no sign of any reversal today. The index is expected to test the immediate resistance level at 3,180 points.