STI Weekly Technical Outlook (12 Oct - 16 Oct 15)
Straits Times Index (STI) Technical View:
Primary Trend (6mths or more) : Bearish
Secondary Trend (1-6mths) : Bearish
Short Term(1mths or less) : Sideway
Long Term Trades : Not Preferred
Mid Term Trades : Not Preferred
Short Term Trades: Preferred
Levels to watch:
Resistance 2: 3,150
Resistance 1: 3,000
Support 1: 2,800
Support 2: 2,700
Probable STI Movement
Preferred : Sideway Range between 2,900 - 3,000
Alternate : Bullish upward movement towards 3,150
Remarks: STI trended sharply towards resistance 1 level at 3,000. STI likely to trade sideway for this week as indicators indicating extreme bullishness.
Comments on STI Technical View
Primary Trend is bearish as 50 Days SMA is trading below the 150 Days SMA and 150 Days SMA continues to be downward sloping.
Secondary Trend is bearish as resistance (3,000) holds, even as MACD is bullish.
Minor Trend is sideway as STI rebounded from near resistance level at 3,000.
Technical Terms (StockCharts.com):
Moving Average Convergence/Divergence Oscillator (MACD)
Support and Resistance
Rate of Change (ROC)