Singapore: STI Index (.STI) drags on weak export data
Singapore’s shares fell on Thursday after the city-state reported dismal export figures, while most Southeast Asian stock markets slipped as investors awaited more details on the first phase of the Sino-U.S. trade deal.
China’s commerce ministry said that the country hoped to reach a phased agreement with the United States over trade a early as possible, and make progress on cancelling tariffs on each others’ goods.
However, news of the first phase of the deal last week had failed to yield any concrete details so far, while officials from both sides have also warned that much more work needed to be done before an accord could be agreed.
Singapore’s index fell as much as 0.7% during the day, marking its worst session in more than a week. It ended 0.3% lower. Industrial stocks accounted for most of the losses on the local benchmark index, with Jardine Strategic Holdings shedding 1.5%.
Singapore’s non-oil domestic exports (NODX) shrank for a seventh consecutive month in September owing to a slump in electronics shipments, a key driver of growth, data released earlier in the day showed.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 3,182.41.
The projected lower bound is: 3,068.09.
The projected closing price is: 3,125.25.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.
An engulfing bearish line occurred (where a black candle’s real body completely contains the previous white candle’s real body). The engulfing bearish pattern is bearish during an uptrend. It then signifies that the momentum may be shifting from the bulls to the bears.
If the engulfing bearish pattern occurs during a downtrend (which appears to be the case with STRAITS TIMES), it may be a last engulfing bottom which indicates a bullish reversal. The test to see if this is the case is if the next candle closes above the bottom the current (black) candle’s real body.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 74.7971. This is not an overbought or oversold reading. The last signal was a sell 0 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 49.60. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 34 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 69. This is not a topping or bottoming area. The last signal was a sell 0 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 3 period(s) ago.
Rex Takasugi – TD Profile
STRAITS TIMES closed down -8.570 at 3,126.140. Volume was 8% below average (neutral) and Bollinger Bands were 53% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 3,108.35 3,129.79 3,222.58
Volatility: 9 12 12
Volume: 193,832,832 218,110,128 212,996,064
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
STRAITS TIMES is currently 3.0% below its 200-period moving average and is in an downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume out of .STI (mildly bearish). Our trend forecasting oscillators are currently bearish on .STI and have had this outlook for the last 8 periods.