Singapore: STI Index (.STI) with US and China deadlocked in trade deal negotiations and uncertainty growing among investors
With the US and China deadlocked in trade deal negotiations and uncertainty growing among investors, the Singapore market started the week in negative territory, continuing to trend downwards in the afternoon session.
While the market rebounded on Friday on hopes that trade talks in Washington could bear some fruit, the resulting impasse between the two largest economies saw the Straits Times Index (STI) trade at 3,235.64, down 37.86 points or 1.2 per cent, as at 1.03pm on Monday.
Shortly after the afternoon session commenced, volume clocked in at 343.12 million securities traded and total turnover came in at S$426.44 million.
Across the market, decliners outpaced advancers 249 to 77. Compared to the broader market, the benchmark index had 25 of the STI’s 30 components trading in the red.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 3,302.16.
The projected lower bound is: 3,167.26.
The projected closing price is: 3,234.71.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 32 white candles and 18 black candles for a net of 14 white candles.
A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend. There have been 6 falling windows in the last 50 candles–this makes the current falling window even more bearish.
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 13.7846. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 6 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 34.53. 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 5 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 -133.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 6 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 sell 5 period(s) ago.
Rex Takasugi – TD Profile
STRAITS TIMES closed down -39.220 at 3,234.280. Volume was 17% above average (neutral) and Bollinger Bands were 21% wider than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 3,325.73 3,278.41 3,187.03
Volatility: 22 13 15
Volume: 227,315,328 212,440,800 216,162,320
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 gapped down today (bearish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
STRAITS TIMES is currently 1.5% 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 1 periods.
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