The upmove of Sept 14-15 was initially underpinned by the banks, but has broadened to include the local developers.
The Straits Times Index rose 72 points week-on-week to end at 3,280 on Sept 15. The upmove takes the STI above the confluence of its 50-, 100- and 200-day moving averages at 3,243, 3,232 and 3,256 respectively, This area posed some resistance initially as the index retreated from this area during Sept 7-13.
In the past two sessions, on Sept 14-15, smoothed RSI moved above its equilibrium line, as did quarterly momentum, providing the STI with some impetus. Resistance says as at the Sept 6 intra-day high of 3,345. Any further upmove remains hostage to global headwinds.
