Singapore: STI Index (.STI) sentiment hit by poor retail sales data and lowering of growth forecast
Local shares picked up from where they left off on Tuesday and seemed headed for another positive finish yesterday – until the old spectre of trade tensions and the Hong Kong protests hit investor sentiment.
The change in mood left The Straits Times Index (STI) down 1.84 points, or 0.06 per cent, to 3,207.74.
Shayne Heffernan, CEO and Founder of Heffx noted that the index had “demonstrated resilience against multiple headwinds”.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 3,218.91.
The projected upper bound is: 3,274.77.
The projected lower bound is: 3,140.51.
The projected closing price is: 3,207.64.
A black body occurred (because prices closed lower 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 33 white candles and 16 black candles for a net of 17 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 88.4602. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 12 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 52.06. 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 6 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 160.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 6 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 4 period(s) ago.
Rex Takasugi – TD Profile
STRAITS TIMES closed down -1.840 at 3,207.740. Volume was 8% below average (neutral) and Bollinger Bands were 22% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 3,158.69 3,263.31 3,177.17
Volatility: 10 13 15
Volume: 184,991,184 209,763,168 212,543,136
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.
STRAITS TIMES is currently 1.0% above its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 22 periods.