Singapore: STI Index (.STI) lack of direction

Singapore: STI Index (.STI) lack of direction

Singapore: STI Index (.STI) lack of direction

The Singapore stock market has finished lower in two straight sessions, sliding almost 20 points or 0.6 percent along the way. The Straits Times Index now rests just above the 3,220-point plateau and it may take further damage again on Thursday.

The global forecast for the Asian markets is soft on geopolitical concerns regarding North Korea and disappointing economic data. The European and U.S. markets were down and the Asian markets are expected to open in similar fashion.

The STI finished modestly lower on Wednesday following losses from the properties and mixed performances from the financial shares and industrials.

For the day, the index lost 11.23 points or 0.35 percent to finish at the daily low of 3,222.84 after peaking at 3,241.58. Volume was 1.14 billion shares worth 977.13 million Singapore dollars. There were 180 decliners and 175 gainers.

Overall, the bias in prices is: Upwards.

The projected upper bound is: 3,296.45.

The projected lower bound is: 3,169.64.

The projected closing price is: 3,233.05.

Candlesticks

A white body occurred (because prices closed higher 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.

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 44.1108. 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 51.16. 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 87 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 -83. This is not a topping or bottoming area. The last signal was a buy 3 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 6 period(s) ago.

Rex Takasugi – TD Profile

STRAITS TIMES closed up 6.640 at 3,229.480. Volume was 9% above average (neutral) and Bollinger Bands were 41% narrower than normal.

Open High Low Close Volume___
3,224.4303,235.6903,218.2503,229.480 226,070,464

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

Moving Averages: 10-period 50-period 200-period
Close: 3,242.45 3,186.33 3,198.07
Volatility: 10 13 15
Volume: 233,121,584 200,356,176 230,073,376

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 1.0% above its 200-period moving average and is in an downward trend. Volatility is 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 4 periods.

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