Banks lead hot stocks with breakout

SINGAPORE (May 5): Banks are at new multi-year highs and have underpinned the Straits Times Index, helping it to a new 2017 and 12-month high.

For the banks, there are no major reversal signals based on the long-term charts. But short-term indicators are at the top end of their range and this may stymie near-term up-moves. These could cause the banks to consolidate their recent gains.

Overall, though, up-momentum is strong and the uptrend is likely to resume.

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