The Straits Times Index is also in a consolidation phase. The local benchmark index has not had a proper consolidation since July last year. That is probably because the uptrend has been measured and steady, and not accelerated. Nonetheless, markets need to consolidate. For the STI, support is at the rising 50-day moving average which is currently at 4,838. The index moved briefly above the twice tested 5,021 level but has retreated. A break above 5,021 provides an upswing for the STI.
Elsewhere, bitcoin has been hovering around the US$63,000-66,000 range. Short term indicators have turned up from oversold lows, and this may provide a temporary reprieve. The chart pattern remains somewhat negative. A break below US$63,000 would indicate a new one-year downside.
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