Singapore: STI Index (.STI) Extending Losses
Singapore stocks opened 0.2 per cent lower on Wednesday (Sept 5), with the Straits Times Index inching down by 7.73 points to 3,202.78 as at 9.05am.
The field was roughly evenly matched, with 52 gainers to 57 losers, as 51.5 million shares worth $49.8 million in total changed hands.
The most actively traded counter was Nico Steel with 16.5 million shares traded, flat at 0.3 cent. AEM was the second most-traded counter with four million shares traded, up 4.24 per cent or 3.5 cents to 86 cents.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 3,300.13.
The projected upper bound is: 3,229.83.
The projected lower bound is: 3,077.75.
The projected closing price is: 3,153.79.
A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 21 white candles and 28 black candles for a net of 7 black candles.
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 14.7950. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 9 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 33.01. 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 41 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 -203.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 1 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 sell 0 period(s) ago.
Rex Takasugi – TD Profile
STRAITS TIMES closed down -54.230 at 3,156.280. Volume was 22% below average (neutral) and Bollinger Bands were 7% narrower than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 3,219.32 3,257.67 3,420.85
Volatility: 17 15 15
Volume: 229,702,672 235,498,448 242,426,464
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 7.7% below its 200-period moving average and is in an downward trend. Volatility is low 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 12 periods.
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