Singapore: STI Index (.STI) stocks fell slightly in line with most global equities, after the US Federal Reserve signalled it would remain on hold with monetary policy

Singapore: STI Index (.STI) stocks fell slightly in line with most global equities, after the US Federal Reserve signalled it would remain on hold with monetary policy

Singapore: STI Index (.STI) stocks fell slightly in line with most global equities, after the US Federal Reserve signalled it would remain on hold with monetary policy

Singapore stocks fell slightly on Thursday, in line with most global equities, after the US Federal Reserve signalled it would remain on hold with monetary policy.

The Straits Times Index closed lower by 0.2 per cent or 6.87 points to 3,393.33. 

Losers outpaced gainers 218 to 192, with over 878 million shares worth S$1.11 billion changing hands. 

DBS Group Holdings, South-east Asia’s largest lender, weighed on the benchmark with a 2.3 per cent slide to S$27.60. But its peers saw slight gains, with OCBC Bank up 0.33 per cent to S$12.14 and United Overseas Bank up 0.07 per cent to S$27.85. 

Other declines came from conglomerate Jardine Cycle & Carriage, down 2.11 per cent to S$34.77 and Creative Technology, which closed 1.91 per cent lower at S$4.12. 

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

By the way, prices are vulnerable to a correction towards 3,296.31.

The projected upper bound is: 3,445.46.

The projected lower bound is: 3,346.54.

The projected closing price is: 3,396.00.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 32 white candles and 18 black candles for a net of 14 white candles.

A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).

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 80.8375. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 4 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 72.04. This is where it usually tops. 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 4 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 126.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. 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 2 period(s) ago.

Rex Takasugi – TD Profile

STRAITS TIMES closed down -6.870 at 3,393.330. Volume was 5% below average (neutral) and Bollinger Bands were 30% narrower than normal.

Open High Low Close Volume___
3,389.5203,395.4003,376.0903,393.330 194,868,608

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

Moving Averages: 10-period 50-period 200-period
Close: 3,367.76 3,273.73 3,187.03
Volatility: 10 10 15
Volume: 205,164,224 215,197,776 215,866,416

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 6.5% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into .STI (mildly bullish). Our trend forecasting oscillators are currently bullish on .STI and have had this outlook for the last 19 periods. Our momentum oscillator is currently indicating that .STI is currently in an overbought condition.

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