Singapore: STI Index (.STI) rose in line with broader Asia as stimulus proposals in major economies muted recession fears

Singapore: STI Index (.STI) rose in line with broader Asia as stimulus proposals in major economies muted recession fears

Singapore: STI Index (.STI) rose in line with broader Asia as stimulus proposals in major economies muted recession fears

Thailand cuts 2019 growth forecast to 3% from 3.8%

Thai customs-cleared trade data for July due on Wed

Malaysia hits over 1-week closing high By Niyati Shetty Aug 20 (Reuters) – Singapore and Malaysian stocks rose on Tuesday, in line with broader Asia as stimulus proposals in major economies muted recession fears, while Thai shares retreated as the government cut its 2019 economic growth forecast.

Hopes gathered momentum that global policymakers would introduce further stimulus to prevent a sharp economic slowdown, after countries including China and Germany proposed steps to prop up flagging economies.

Market participants, however, kept a cautious stance ahead of the release of minutes from the U.S. Federal Reserve’s July meeting and Chair Jerome Powell’s speech at the Jackson Hole symposium this week.

Singapore shares hit one-week highs, boosted by real estate firms. CapitaLand Ltd gained 2% and Hongkong Land Holdings added 1.6%. Malaysian shares rose to more than one-week closing highs, with lender CIMB Group Holdings gaining 2.8% while telecom firm Axiata Group added 0.8%. 

Technical Indicators

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 3,223.73.

The projected upper bound is: 3,198.11.

The projected lower bound is: 3,071.71.

The projected closing price is: 3,134.91.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 2 black candles for a net of 5 white candles. During the past 50 bars, there have been 31 white candles and 18 black candles for a net of 13 white 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 46.7696. This is not an overbought or oversold reading. The last signal was a buy 6 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 27.73. This is where it usually bottoms. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 30 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 -63. 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 sell 29 period(s) ago.

Rex Takasugi – TD Profile

STRAITS TIMES closed up 7.500 at 3,135.950. Volume was 7% below average (neutral) and Bollinger Bands were 91% wider than normal.

Open     High      Low     Close     Volume___
3,124.0403,141.5803,122.6503,135.950 198,860,000
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 3,149.29 3,285.08 3,212.75
Volatility: 9 12 14
Volume: 250,180,864 221,520,224 210,185,968

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 2.4% 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 14 periods. Our momentum oscillator is currently indicating that .STI is currently in an oversold condition.

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