(Apr 12): The Straits TImes Index is likely to continue its gradual ascent towards 3,420, the target indicated when the index broke out of resistance at 3,190 in mid-Jan. Medium term indicators are supportive and moving averages are strengthening with the 100- and 200-day moving averages are forming a positive cross.
Other trend-following indicators such as ADX is rising and the DIs are positively placed. Although volume is not expanding as the index rises, the uptrend should be able to continue as index stocks and blue-chip stocks have attracted buying demand.
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