Singapore: STI Index (.STI) halted the two-day winning streak
The Singapore stock market on Wednesday halted the two-day winning streak in which it had gathered more than 30 points or 1 percent. The Straits Times Index now rests just beneath the 3,245-point plateau although it’s tipped to rebound on Thursday.
The global forecast for the Asian markets is firm, with support expected from technology and oil stocks. The European and U.S. markets were higher and the Asian bourses figure to follow suit.
The STI finished slightly lower on Wednesday following losses from the industrials and mixed performances from the financials and properties.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 3,307.29.
The projected upper bound is: 3,298.19.
The projected lower bound is: 3,149.64.
The projected closing price is: 3,223.92.
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 20 white candles and 29 black candles for a net of 9 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 59.5645. This is not an overbought or oversold reading. The last signal was a buy 5 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 43.71. 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 37 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 -9. This is not a topping or bottoming area. The last signal was a buy 5 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 buy 1 period(s) ago.
Rex Takasugi – TD Profile
STRAITS TIMES closed down -18.200 at 3,225.720. Volume was 18% below average (neutral) and Bollinger Bands were 7% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 3,223.17 3,264.50 3,425.22
Volatility: 14 15 15
Volume: 219,659,760 235,494,336 241,334,160
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 5.8% below its 200-period moving average and is in an downward trend. Volatility is high 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 8 periods.