Singapore: STI Index (.STI) lingering geopolitical worries

Singapore: STI Index (.STI) lingering geopolitical worries

Singapore: STI Index (.STI) lingering geopolitical worries

SINGAPORE stocks opened flat on Monday, with the benchmark Straits Times Index inching up 0.01 per cent, or 0.2 of a point to 3,062.71 as at 9.03am.

Gainers outnumbered losers 54 to 43, as some 46.3 million shares worth S$82.4 million in total changed hands.

The most actively traded counter was Golden Agri-Resources with eight million shares changing hands, flat at 24 Singapore cents. Other actives included Genting Singapore with 6.95 million shares traded, up 0.54 per cent or 0.5 Singapore cent to 94 Singapore cents; and Rex International with 3.95 million shares traded, flat at 9.7 Singapore cents

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 3,175.90.

The projected upper bound is: 3,146.93.

The projected lower bound is: 3,000.92.

The projected closing price is: 3,073.93.

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 21 white candles and 28 black candles for a net of 7 black candles.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is 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 68.8125. This is not an overbought or oversold reading. The last signal was a buy 2 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 38.33. 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 3 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 -49. 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 10 period(s) ago.

Rex Takasugi – TD Profile

STRAITS TIMES closed up 15.550 at 3,078.060. Volume was 10% below average (neutral) and Bollinger Bands were 78% wider than normal.

Open High Low Close Volume___
3,057.3103,078.0603,057.1603,078.060 212,014,832

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

Moving Averages: 10-period 50-period 200-period
Close: 3,077.63 3,177.60 3,374.11
Volatility: 20 15 15
Volume: 269,782,240 231,401,424 248,500,944

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 8.8% 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 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 7 periods.

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