Dear readers, Singapore stocks have been showing decent strength this year. As of last trading last week (1 Apr 21), Singapore stocks as measured by the Straits Times Index (STI) benchmark have managed an approximate 11% increase, making Singapore stocks markets one of the best-performing markets in the world.
As of 1 Apr 21, the Straits Times Index (STI) was at 3,181.68. Looking at the technical charts, the near-term resistance of the STI is 3,300 and based on the resistance, upside for the STI and Singapore stocks in large are limited at just 3.7% if the narrative for global stock markets are generally more toward the bearish side.
And there are reasons to still be bearish despite the rollout of Covid-19 vaccines throughout the world. The results of the vaccines have been mixed and there are still increases in Covid-19 cases throughout the world. If the recovery theme from the Covid-19 pandemic does not materialise as what investors have expected, be prepared for a sell-down in global equities next!
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