Singapore: STI Index (.STI) Economic Growth May Be Bottoming Out

Singapore: STI Index (.STI) Economic Growth May Be Bottoming Out

Singapore stocks closed lower on Wednesday, with the benchmark Straits Times Index (STI) going down 0.28 percent, or 9.09 points, to close at 3,229.78.

A total of 1.2 billion shares changed hands with a turnover of 1.1 billion Singapore dollars (about 807.93 million U.S. dollars). Losers outnumbered gainers by 262 to 145.

The STI index went down 0.61 percent, or 19.79 points, to close at 3,238.87 on Tuesday.

Technical Indicators

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 3,201.33.

The projected upper bound is: 3,282.45.

The projected lower bound is: 3,178.12.

The projected closing price is: 3,230.29.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 22 white candles and 27 black candles for a net of 5 black candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 49.0618. This is not an overbought or oversold reading. The last signal was a sell 7 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 53.77. 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 sell 8 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 -102.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 8 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 4 period(s) ago.

Rex Takasugi – TD Profile

STRAITS TIMES closed down -9.090 at 3,229.780. Volume was 26% above average (neutral) and Bollinger Bands were 32% narrower than normal.

Open     High      Low     Close     Volume___
3,231.0003,236.1803,219.2703,229.780 280,560,896
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 3,249.57 3,174.03 3,228.44
Volatility: 12 10 12
Volume: 277,041,792 216,201,696 217,183,232

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.

Summary

STRAITS TIMES is currently 0.0% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of .STI at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on .STI and have had this outlook for the last 17 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.

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