Singapore: STI Index (.STI) upbeat on surging crude oil prices and global trade optimism
The Singapore stock market has moved higher in four straight sessions, advancing almost 65 points or 2.1 percent along the way. The Straight Times Index now rests just above the 3,090-point plateau and it’s got another green light again on Tuesday.
The global forecast for the Asian markets is upbeat on surging crude oil prices and global trade optimism. The European and U.S. markets were up and the Asian markets are tipped to follow suit.
The STI finished sharply higher on Monday following gains from the financial shares, property stocks and industrials.
For the day, the index jumped 40.89 points or 1.34 percent to finish at the daily high of 3,093.38 after moving as low as 3,056.39. Volume was 1.6 billion shares worth 853.8 million Singapore dollars. There were 210 gainers and 154 decliners.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 3,173.75.
The projected lower bound is: 3,005.01.
The projected closing price is: 3,089.38.
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 24 white candles and 25 black candles for a net of 1 black candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 81.8216. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 14 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 53.85. 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 18 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 107.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 3 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 17 period(s) ago.
Rex Takasugi – TD Profile
STRAITS TIMES closed down -2.980 at 3,090.400. Volume was 16% above average (neutral) and Bollinger Bands were 33% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 3,058.97 3,105.34 3,317.21
Volatility: 14 17 16
Volume: 182,540,048 229,103,728 240,573,872
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 6.8% 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 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 3 periods.