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Singapore: STI Index (.STI) snaps three straight sessions of gains

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Singapore: STI Index (.STI) snaps three straight sessions of gains

Most Southeast Asian stock markets closed lower on Thursday, with Indonesia falling the most, as signs of relief in the U.S.-China trade conflict failed to boost sentiment.

U.S. President Donald Trump on Wednesday reciprocated to Beijing’s move to exempt levying charges on some American imports by announcing a two-week delay to a scheduled tariff increase on $250 billion worth of Chinese goods.

“External environment has turned worse since the last meeting, with further tariffs being imposed.

Heightened trade tension is clearly set to stay despite resumption of trade talks and this will continue to cast a dark cloud over global economy” analysts at Mizuho said in a note.

In a thin trading session, Indonesian benchmark slipped 0.6%, dented by a near 2% fall in PT Telekomunikasi Indonesia Tbk’s stock.

Singapore’s main index snapped a three-day gaining streak to end 0.3% lower, with industrial conglomerate Jardine Matheson Holdings losing the most on the benchmark. Jardine Matheson’s stock fell 4% on Thursday after adding about 8.3% in the past three days.

Malaysian shares dipped slightly after the country’s central bank stood pat on its key interest rate, in line with a Reuters consensus.

Bank Negara Malaysia expects the export-reliant nation’s economy to hold its ground on the back of resilient domestic activity, but has flagged concerns arising from the Sino-U.S. trade war.

Bucking the regional trend, Vietnam shares gained 0.7%.

Technical Indicators

Overall, the bias in prices is: Sideways.

The projected upper bound is: 3,254.50.

The projected lower bound is: 3,128.38.

The projected closing price is: 3,191.44.

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 28 white candles and 22 black candles for a net of 6 white candles.

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 84.9593. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 2 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 57.52. 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 9 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 134.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 9 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 9 period(s) ago.

Rex Takasugi – TD Profile

STRAITS TIMES closed down -9.560 at 3,194.960. Volume was 8% above average (neutral) and Bollinger Bands were 26% narrower than normal.

Open     High      Low     Close     Volume___
3,214.1403,216.8703,191.6203,194.960 235,993,040
Technical Outlook 
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 3,140.37 3,231.58 3,216.91
Volatility: 13 13 13
Volume: 214,091,200 225,429,600 213,056,000

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 0.7% below its 200-period moving average and is in an upward 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 bullish on .STI and have had this outlook for the last 0 periods.

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