Singapore: STI Index (.STI) stocks closed lower

Singapore: STI Index (.STI) stocks closed lower

Singapore: STI Index (.STI) stocks closed lower

Singapore stocks closed lower on Monday, with the benchmark Straits Times Index (STI) going down 0.18 percent, or 6.12 points, to close at 3,325.86.

A total of 1.19 billion shares changed hands with a turnover of 858.57 million Singapore dollars (about 634.94 million U.S. dollars). Gainers outnumbered losers by 211 to 186.

The STI index went up 0.03 percent, or 1.16 points, to close at 3,331.98 on Friday.

Overall, the bias in prices is: Upwards.

By the way, prices are vulnerable to a correction towards 3,255.06.

The projected upper bound is: 3,377.82.

The projected lower bound is: 3,279.32.

The projected closing price is: 3,328.57.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 white candles.

An engulfing bearish line occurred (where a black candle’s real body completely contains the previous white candle’s real body). The engulfing bearish pattern is bearish during an uptrend (which appears to be the case with STRAITS TIMES). It then signifies that the momentum may be shifting from the bulls to the bears.

If the engulfing bearish pattern occurs during a downtrend, it may be a last engulfing bottom which indicates a bullish reversal. The test to see if this is the case is if the next candle closes above the bottom the current (black) candle’s real body.

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 50.8073. This is not an overbought or oversold reading. The last signal was a sell 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 69.44. This is not a topping or bottoming area. However, the RSI just crossed below 70 from a topping formation. This is a bearish sign. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 0 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 63. This is not a topping or bottoming area. The last signal was a sell 4 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 10 period(s) ago.

Rex Takasugi – TD Profile

STRAITS TIMES closed down -6.120 at 3,325.860. Volume was 11% below average (neutral) and Bollinger Bands were 48% wider than normal.

Open High Low Close Volume___
3,341.7503,344.1703,321.0603,325.860 180,200,192

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 3,318.72 3,242.48 3,180.32
Volatility: 7 10 15
Volume: 233,288,784 213,849,184 218,720,256

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 4.6% above its 200-period moving average and is in an upward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect very strong flows of volume into .STI (bullish). Our trend forecasting oscillators are currently bullish on .STI and have had this outlook for the last 8 periods.

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