In addition, the STI closed at the high of the week ahead of a long weekend on April 17. Resistance for the current move appears at 3,825. The STI ended the week of April 14-17 at 3,720.
The index is likely to retreat during the week of April 21-25. The STI will still need to build a base from which it attempts to challenge the 4,000 resistance.
When this materialises, short-term indicators are likely to form positive divergences which are required before prices are able to stage a more sustained upmove.
It is still too early to tell if the local market is able to outperform the US, but there are signs that it has the potential to outperform.
See also: STI may retreat on strong overbought pressures but REIT Index may break out
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