Singapore: STI Index (.STI) May Add To Its Winnings

Singapore: STI Index (.STI) May Add To Its Winnings

Singapore: STI Index (.STI) May Add To Its Winnings

The Singapore stock market on Wednesday ended the two-day losing streak in which it had lost more than 15 points or 0.5 percent. The Straits Times Index now rests just above the 3,215-point plateau and it’s predicted to see additional support on Thursday.

The global forecast for the Asian markets is upbeat on growing optimism for a trade deal between the United States and China. The European and U.S. markets were up and the Asian bourses are predicted to follow that lead.

The STI finished modestly higher on Wednesday as gains from the financials and properties were capped by weakness from the industrials.

For the day, the index gained 7.68 points or 0.24 percent to finish at 3,215.53 after trading between 3,201.78 and 3,220.14. Volume was 1.34 billion shares worth 1.28 billion Singapore dollars. There were 172 gainers and 165 decliners.

The markets continued to benefit from optimism about a potential U.S.-China trade deal after both sides hinted at progress.

In economic news, the Commerce Department said durable goods orders unexpectedly rebounded in October, while GDP was also upwardly revised. Also, the Commerce Department said personal income was nearly flat in October, although personal spending rose in line with estimates.

Oil prices dipped on Wednesday after the Energy Information Administration noted an unexpected increase in crude oil inventories. Crude for January delivery fell $0.30 or 0.5 percent to $58.11 a barrel after moving higher over the two previous days.

Technical Indicators

Overall, the bias in prices is: Sideways.

The projected upper bound is: 3,256.62.

The projected lower bound is: 3,146.27.

The projected closing price is: 3,201.45.

Candlesticks

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 23 white candles and 26 black candles for a net of 3 black 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 29.6884. This is not an overbought or oversold reading. The last signal was a buy 4 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 47.12. 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 sell 14 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 -115.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. 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 down -14.920 at 3,200.610. Volume was 17% below average (neutral) and Bollinger Bands were 47% narrower than normal.

Open     High      Low     Close     Volume___
3,209.8503,215.8003,198.2903,200.610 201,995,104
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 3,222.86 3,176.90 3,228.21
Volatility: 12 11 12
Volume: 407,453,440 253,689,248 225,737,136

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 0.9% below its 200-period moving average and is in an downward 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 bearish on .STI and have had this outlook for the last 0 periods.

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