Singapore: STI Index (.STI) shares rise sharply

Singapore: STI Index (.STI) shares rise sharply

Singapore: STI Index (.STI) shares rise sharply

Singapore stocks opened higher on Thursday (Dec 27), with the Straits Times Index gaining 1.5 per cent or 43.68 points to 3,054.83 as at 9am, reversing the previous session’s losses.

Gainers outnumbered losers 125 to 15, after 46.7 million shares worth $40.3 million changed hands.

Among the most heavily traded by volume, Ezion Holdings moved up almost 7 per cent to $0.046 with 15.5 million shares traded. Genting Singapore rose 2.08 per cent to $0.98 with 1.9 million shares traded.

Overall, the bias in prices is: Downwards.

By the way, prices are vulnerable to a correction towards 3,116.41.

The projected upper bound is: 3,132.54.

The projected lower bound is: 2,955.88.

The projected closing price is: 3,044.21.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 3 black candles for a net of 3 white candles. During the past 50 bars, there have been 26 white candles and 23 black candles for a net of 3 white candles.

A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend. There have been 8 rising windows in the last 50 candles–this makes the current rising window even more 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 43.3259. This is not an overbought or oversold reading. The last signal was a buy 3 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 45.38. 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 40 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 -32. This is not a topping or bottoming area. The last signal was a buy 0 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 12 period(s) ago.

Rex Takasugi – TD Profile

STRAITS TIMES closed up 33.590 at 3,044.740. Volume was 34% below average (neutral) and Bollinger Bands were 5% narrower than normal.

Open High Low Close Volume___
3,055.4303,076.1003,041.9103,044.740 145,423,904

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

Moving Averages: 10-period 50-period 200-period
Close: 3,055.02 3,067.33 3,271.68
Volatility: 20 18 16
Volume: 166,749,152 213,514,192 234,600,192

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 up today (bullish) 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 6.9% 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 6 periods.

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