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Singapore: STI Index (.STI) Rebounding Strongly

Singapore: STI Index (.STI) Rebounding Strongly

The Straits Times Index (STI) ended 1.06 points or 0.03% lower at 3292.65, taking the year-to-date performance to -3.24%.

The top active stocks were DBS, which gained 0.62%, Singtel, which declined 0.60%, UOB, which slipped 0.23%, YZJ Shipbldg SGD, which advanced 6.94% and Venture, with a 4.55% fall.

The global forecast for the Asian markets is upbeat on easing concerns of a trade war. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

Overall, the bias in prices is: Sideways.

The projected upper bound is: 3,399.47.

The projected lower bound is: 3,245.94.

The projected closing price is: 3,322.71.

Candlesticks

A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 22 white candles and 26 black candles for a net of 4 black 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 87.8236. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 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 56.75. 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 12 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 160.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 11 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 15 period(s) ago.

Rex Takasugi – TD Profile

STRAITS TIMES closed up 34.180 at 3,326.830. Volume was 6% below average (neutral) and Bollinger Bands were 38% narrower than normal.

Open High Low Close Volume___
3,304.5503,333.3803,301.8503,326.830 237,223,104

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

Moving Averages: 10-period 50-period 200-period
Close: 3,271.49 3,356.52 3,438.34
Volatility: 11 15 14
Volume: 213,809,360 270,216,704 239,734,192

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 3.2% below 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 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 3 periods.