2016 was definitely a happening year. STI was riding in roller coaster throughout. We witnessed 10 years bottom of crude oil, and two hyper-volatile days on BREXIT and US Election. Banks' asset has been deteriorating due to bond defaulting risk rising from local offshore sector.
Although the index failed to break out from 2967 in its three attempts this year, a higher low formation as below gave some relief sign. Market could have absorbed most of the worries. STI is moving into narrowing corner of ascending triangle. A quadruple top break up looks possible on 2017.
Market Calendar on coming week:
(SG: Singapore; CH: China; UK: United Kingdom; US: USA; JP: Japan)
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