Singapore: STI Index (.STI) suggests mild upside
The Singapore stock market has finished higher in three consecutive trading days, gathering more than 40 points or 1.3 percent along the way. The Straits Times Index now rests just shy of the 3,280-point plateau and it may see additional support again on Thursday.
The global forecast for the Asian markets suggests mild upside, nudged into the green by support from crude oil prices. The European and U.S. markets were up and the Asian markets are tipped to open in similar fashion.
The STI finished modestly higher on Wednesday following gains from the industrials and properties, while the financials and plantations were mixed.
For the day, the index picked up 18.58 points or 0.57 percent to finish at 3,278.38 after trading between 3,266.89 and 3,285.60. Volume was 1.35 billion shares worth 1.12 billion Singapore dollars. There were 249 gainers and 167 decliners.
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 3,183.27.
The projected upper bound is: 3,353.58.
The projected lower bound is: 3,210.46.
The projected closing price is: 3,282.02.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 28 white candles and 21 black candles for a net of 7 white candles.
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 79.3147. This is not an overbought or oversold reading. The last signal was a sell 0 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 68.07. 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 77 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 102.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 23 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 buy 5 period(s) ago.
Rex Takasugi – TD Profile
STRAITS TIMES closed down -0.470 at 3,277.910. Volume was 18% above average (neutral) and Bollinger Bands were 28% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 3,242.92 3,152.11 3,212.89
Volatility: 10 15 15
Volume: 215,404,128 194,336,976 231,367,072
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 2.0% 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 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 29 periods.