STI Weekly Technical Outlook (19 Oct - 23 Oct 15)
Straits Times Index (STI) Technical View:
Primary Trend (6mths or more) : Bearish
Secondary Trend (1-6mths) : Bullish
Short Term(1mths or less) : Bearish
Long Term Trades : Not Preferred
Mid Term Trades : Preferred
Short Term Trades: Not Preferred
Levels to watch:
Resistance 2: 3,150
Resistance 1: 3,050
Support 1: 2,950
Support 2: 2,800
Probable STI Movement
Preferred : Sideway Range between 2,950 - 3,050
Alternate : Bullish upward movement towards 3,150
Remarks: STI trended sharply towards week high near resistance 1 level at 3,050. STI likely to trade sideway for this again week as indicators are still 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 bullish as MACD is above zero.
Minor Trend is sideway as ROC(10) continues to trade in extreme bullish zone and may possible see resistance and re-test support.
Technical Terms (StockCharts.com):
Moving Average Convergence/Divergence Oscillator (MACD)
Support and Resistance
Rate of Change (ROC)