Singapore: STI Index (.STI) Set to Open Lower

Singapore: STI Index (.STI) Set to Open Lower

Singapore: STI Index (.STI) Set to Open Lower

Singapore shares opened lower on Tuesday morning (Nov 20), with the Straits Times Index down 32.99 points, or 1.08 per cent, to 3,032.08, after Wall Street stocks sank on Monday.

At 9.04am, losers outnumbered gainers by 97 to 24, with about 39.2 million shares worth $71.7 million changing hands.

Among the most heavily traded stocks by volume was Metro, which gained seven cents, or 6.5 per cent, to $1.15, with about 8.18 million shares traded.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 3,109.05.

The projected lower bound is: 2,941.18.

The projected closing price is: 3,025.11.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 23 white candles and 26 black candles for a net of 3 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 7 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 52.5978. This is not an overbought or oversold reading. The last signal was a sell 9 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 42.80. 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 13 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 -102.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 10 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 12 period(s) ago.

Rex Takasugi – TD Profile

STRAITS TIMES closed down -38.080 at 3,026.990. Volume was 11% below average (neutral) and Bollinger Bands were 17% narrower than normal.

Open High Low Close Volume___
3,035.0903,042.9403,023.6803,026.990 204,465,696

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

Moving Averages: 10-period 50-period 200-period
Close: 3,063.17 3,112.40 3,325.74
Volatility: 13 17 16
Volume: 218,358,016 231,951,344 244,329,424

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 9.0% 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 27 periods.

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