Singapore: STI Index (.STI) shares open higher on Tuesday
SINGAPORE stocks opened higher on Tuesday, with the Straits Times Index advancing 8.08 points, or 0.2 per cent to 3,247.02 as at 9.02am.
This comes after US stocks overcame early declines to rise higher overnight, starting the year’s third quarter on a positive note, largely thanks to a push from technology stocks.
On the Singapore bourse, gainers outnumbers losers 66 to 32, after about 30 million shares worth S$42.3 million changed hands.
The most actively traded counter by volume was Jiutian Chemical, which was flat at 4.1 Singapore cents, with 4.7 million shares changing hands.
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 3,386.35.
The projected upper bound is: 3,296.20.
The projected lower bound is: 3,161.85.
The projected closing price is: 3,229.03.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 18 white candles and 30 black candles for a net of 12 black candles.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
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 27.6244. This is not an overbought or oversold reading. The last signal was a buy 5 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 25.74. 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 112 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 -110.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 5 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 sell 42 period(s) ago.
Rex Takasugi – TD Profile
STRAITS TIMES closed down -3.040 at 3,235.900. Volume was 6% above average (neutral) and Bollinger Bands were 59% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 3,270.09 3,453.66 3,438.10
Volatility: 10 12 14
Volume: 252,107,264 267,850,000 236,275,584
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 5.9% below 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 very strong flows of volume out of .STI (bearish). Our trend forecasting oscillators are currently bearish on .STI and have had this outlook for the last 29 periods. Our momentum oscillator is currently indicating that .STI is currently in an oversold condition. The security price has set a new 14-period low while our momentum oscillator has not. This is a bullish divergence.
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