Singapore: STI Index (.STI) gains were offset by some index heavyweights
Singapore stocks marked another day of losses on Wednesday, with the Straits Times Index retreating 0.42 per cent or 13.31 points to 3,174.38.
Advancers outnumbered decliners 215 to 166, as 1.4 billion shares worth S$1.17 billion changed hands.
However, any gains were offset by some index heavyweights, including the local banks.
DBS led losses, giving up 1.16 per cent to S$23.94, while United Overseas Bank retreated 0.90 per cent to S$25.30 and OCBC shed 0.09 per cent to S$11.39.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 3,147.90.
The projected upper bound is: 3,258.33.
The projected lower bound is: 3,096.32.
The projected closing price is: 3,177.33.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 26 white candles and 23 black candles for a net of 3 white candles.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
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 50.0670. 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 53.44. 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 63 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 -99. This is not a topping or bottoming area. The last signal was a sell 9 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 4 period(s) ago.
Rex Takasugi – TD Profile
STRAITS TIMES closed down -13.310 at 3,174.380. Volume was 8% above average (neutral) and Bollinger Bands were 7% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 3,197.77 3,117.27 3,236.75
Volatility: 9 17 15
Volume: 192,335,600 194,858,880 231,579,152
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 1.9% below its 200-period moving average and is in an upward trend. Volatility is low 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 15 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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