Singapore: STI Index (.STI) edges down

Singapore: STI Index (.STI) edges down

Singapore: STI Index (.STI) edges down

US President Donald Trump raised a ruckus by thumping China with another round of tariffs, but most Asian markets merely yawned by the closing bell yesterday.

Singapore stocks edged down slightly, with the Straits Times Index (STI) retreating 2.06 points, or 0.07 per cent, to 3,139.34.

The benchmark index, however, did reach an intra-day low of 3,110.79 in early morning trade. This came on the back of news that Mr Trump had ratcheted up the pressure on China, slapping new tariffs on US$200 billion (S$274 billion) worth of Chinese imports, along with a threat to impose further tariffs should China retaliate.

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 3,242.52.

The projected upper bound is: 3,207.10.

The projected lower bound is: 3,068.00.

The projected closing price is: 3,137.55.

Candlesticks

A white body occurred (because prices closed higher 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 22 white candles and 27 black candles for a net of 5 black candles.

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 73.0638. This is not an overbought or oversold reading. The last signal was a buy 3 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 38.22. 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 4 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 -56. This is not a topping or bottoming area. The last signal was a buy 4 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 buy 0 period(s) ago.

Rex Takasugi – TD Profile

STRAITS TIMES closed down -2.060 at 3,139.340. Volume was 17% below average (neutral) and Bollinger Bands were 9% wider than normal.

Open High Low Close Volume___
3,122.8803,140.2203,110.7903,139.340 208,219,296

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 3,136.78 3,238.34 3,407.32
Volatility: 13 14 15
Volume: 206,042,592 224,404,560 241,634,672

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 7.9% 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 volume flowing into and out of .STI at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on .STI and have had this outlook for the last 21 periods.

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