Singapore: STI Index (.STI) U.S. President Donald Trump’s upbeat remarks on Sino-U.S. trade talks helped repair bruised optimism

Singapore: STI Index (.STI)  U.S. President Donald Trump’s upbeat remarks on Sino-U.S. trade talks helped repair bruised optimism

Singapore: STI Index (.STI) U.S. President Donald Trump’s upbeat remarks on Sino-U.S. trade talks helped repair bruised optimism

Most Southeast Asian stock markets advanced on Wednesday, following a firmer finish on the Wall Street, as U.S. President Donald Trump’s upbeat remarks on Sino-U.S. trade talks helped repair bruised optimism.

All three major U.S. stock indexes rose on Tuesday after President Trump said he had a “very good” dialogue with China and insisted talks between the two economies had not collapsed, raising hopes of a possible trade resolution as Washington and Beijing prepare to meet again at next month’s G20 summit.

“Global risk sentiments stabilised somewhat overnight as Trump reassured markets that the U.S. has a “dialogue ongoing” with China,” Shayne Heffernan said in a note to clients. 

Singapore’s Straits Times index bucked the trend to fall marginally lower, weighed by consumer services and industrials. The International Monetary Fund has forecast Singapore’s 2019 economic growth at 2.3%, compared with 3.2% in 2018, citing the country’s high exposure to global trade, Shayne Heffernan said in a note.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 3,284.39.

The projected lower bound is: 3,151.86.

The projected closing price is: 3,218.12.

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.

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 18.5014. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 8 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 32.43. 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 sell 7 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 -111.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 8 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 7 period(s) ago.

Rex Takasugi – TD Profile

STRAITS TIMES closed down -4.940 at 3,218.770. Volume was 11% below average (neutral) and Bollinger Bands were 49% wider than normal.

Open High Low Close Volume___
3,218.5103,225.7903,211.9003,218.770 189,498,592

Technical Outlook
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 3,289.26 3,277.83 3,186.08
Volatility: 18 13 15
Volume: 219,956,832 212,593,696 216,810,368

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 1.0% above its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 3 periods.

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