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Tuesday, October 19, 2021
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Singapore: STI Index (.STI) expected to fall at open

Singapore: STI Index (.STI) expected to fall at open

Singapore stocks closed lower on Monday, with the benchmark Straits Times Index (STI) going down 0.47 percent, or 14.89 points, to close at 3,179.82.

A total of 965.37 million shares changed hands with a turnover of 906.24 million Singapore dollars (about 666.35 million U.S. dollars). Losers outnumbered gainers by 239 to 126.

The STI index went up 0.65 percent, or 20.52 points, to close at 3,194.71 last Friday.

Technical Indicators

Overall, the bias in prices is: Sideways.

The projected upper bound is: 3,236.13.

The projected lower bound is: 3,125.91.

The projected closing price is: 3,181.02.

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 25 white candles and 24 black candles for a net of 1 white 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 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 62.8730. This is not an overbought or oversold reading. The last signal was a buy 2 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 44.98. 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 21 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 -43. This is not a topping or bottoming area. The last signal was a buy 2 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 17 period(s) ago.

Rex Takasugi – TD Profile

STRAITS TIMES closed down -14.890 at 3,179.820. Volume was 2% above average (neutral) and Bollinger Bands were 35% narrower than normal.

Open     High      Low     Close     Volume___
3,195.9703,200.1203,179.8203,179.820 253,073,696
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 3,188.75 3,183.06 3,225.21
Volatility: 8 11 12
Volume: 402,080,416 265,715,872 227,732,096

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 1.4% 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 7 periods.

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