Singapore: STI Index (.STI) Likely To Be Stuck In Neutral
Investors are urged to take caution.
The Straits Times Index (STI) ended 13.26 points or 0.4% lower at 3326.74, taking the year-to-date performance to -2.24%.
The top active stocks were DBS, which declined 2.95%, OCBC Bank, which declined 0.42%, YZJ Shipbldg SGD, which gained 8.79%, UOB, which gained 1.14% and CapitaLand, with a 1.23% advance.
The FTSE ST Mid Cap Index gained 0.29%, whilst the FTSE ST Small Cap Index declined 0.47%.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 3,357.24.
The projected lower bound is: 3,206.61.
The projected closing price is: 3,281.93.
Candlesticks
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 6 black candles for a net of 3 black candles. During the past 50 bars, there have been 20 white candles and 28 black candles for a net of 8 black candles.
A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend. There have been 5 falling windows in the last 50 candles–this makes the current falling window even more bearish.
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 56.1766. 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 46.62. 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 24 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 -114.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 9 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 27 period(s) ago.
Rex Takasugi – TD Profile
STRAITS TIMES closed down -41.960 at 3,284.780. Volume was 14% above average (neutral) and Bollinger Bands were 31% narrower than normal.
Open High Low Close Volume___
3,295.7303,296.0803,273.5703,284.780 284,681,856
Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 3,307.16 3,310.38 3,436.08
Volatility: 16 15 15
Volume: 222,538,016 243,950,576 241,035,568
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 down today (bearish) 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 4.4% below its 200-period moving average and is in an upward trend. Volatility is relatively normal 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.
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