Singapore: STI Index (.STI) leads SE Asia gains
Singapore stocks led the gains in Southeast Asia, as investors braced for a meeting between US President Donald Trump and Chinese President Xi Jinping at the end of the week.
Trump and Xi are expected to meet on the sidelines of a G20 summit in Argentina on Friday, to discuss contentious trade matters.
Singapore stocks led the gains in Southeast Asia with a 1.3% rise, the best since Nov 2, after October factory data beat expectations.
The city-state’s October factory output rose 4.3% on year, much higher than a 2.3% growth predicted by a Reuters survey. The growth was mainly attributable to a 15.8% rise in pharmaceutical production.
Gains were dominated by technology stocks, with Venture Corp Ltd gaining 5.2%, while Singapore Airlines Ltd climbed 2.9%.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 3,176.76.
The projected lower bound is: 3,007.28.
The projected closing price is: 3,092.02.
Candlesticks
A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 23 white candles and 26 black candles for a net of 3 black candles.
A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend. There have been 6 rising windows in the last 50 candles–this makes the current rising window even more bullish.
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 67.7374. This is not an overbought or oversold reading. The last signal was a sell 13 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 54.41. 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 17 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 85. 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 buy 16 period(s) ago.
Rex Takasugi – TD Profile
STRAITS TIMES closed up 40.890 at 3,093.380. Volume was 30% below average (neutral) and Bollinger Bands were 26% narrower than normal.
Open High Low Close Volume___
3,057.2803,093.3803,056.3903,093.380 157,366,400
Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 3,055.29 3,106.36 3,318.97
Volatility: 14 17 16
Volume: 181,418,480 226,589,760 240,614,464
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.
Summary
STRAITS TIMES gapped up today (bullish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
STRAITS TIMES is currently 6.8% below its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into .STI (mildly bullish). Our trend forecasting oscillators are currently bullish on .STI and have had this outlook for the last 2 periods.
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