Following announcement about production cut from OPEC and Russia, oil price has been riding higher and higher. There will be informal meeting among OPEC members next week. Hurricane Mathew is hitting east coast of US meanwhile. These are potential bullish factors behind continuation of bull run. From the chart, crude oil is near to its resistance, 51.6. A retreat could be on the way as well.
Singapore:
STI index looks so boring, while hot money was flowing to mid-small cap counters. However, its trend might not be as bearish as one thought. Ever since it rebounded from five year bottom (2550) in early of 2016, it moved into higher low formation as shown in its weekly chart. Strong resistance at 2960. While bullish oil price has hit resistance, market focus could fall on third quarter earning results among listed companies for coming weeks.
Market Calendar on coming week:
(SG: Singapore; CH: China; UK: United Kingdom; US: USA)
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