I'm Brandon, a senior stockbroker at a local securities firm and also a professional trainer with Singapore Exchange (SGX) Academy. Holder of Chartered Market Technician (CMT) and Certified Financial Technician (CFTe) with over 10 years experience in the financial industry.

This blog aims to share how private traders can forecast price and trade in line with the market and smart money by applying Wyckoff principles and simple technical analysis techniques.

Sunday, 1 November 2015

STI Weekly Technical Outlook (2 Nov - 6 Nov 15)



Straits Times Index (STI) Technical View:
Primary Trend (6mths or more) : Bearish
Secondary Trend (1-6mths)     : Bearish
Short Term(1mths or less)     : Neutral 

Trading the Singapore Market (Long Trades)
Long Term Trades : Not Preferred
Mid Term Trades  : Not Preferred
Short Term Trades: Selective

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  : Bearish downward movement towards 2,800

Remarks: STI fails to break its 3,050 resistance level. A failed breakout is bearish signal. 2,950 is a moderately strong support with a confluence of price level support and 50 days moving average support. Thus, STI may expect some support and trade range bound for this week. 

Comments on STI Technical View
Primary Trend is bearish as 55 Days SMA is trading below the 150 Days SMA and 144 Days SMA continues to be downward sloping.

Secondary Trend is bearish as MACD crossed below signal line and failed to break 2,950 resistance.

Minor Trend is neutral as ROC(10) is downward sloping and trades below zero. However, as STI is nearing its 2,950 support, may see possible short term rebound.

*Disclaimer Applies

Technical Terms (StockCharts.com):
Dow Theory
Moving Average Convergence/Divergence Oscillator (MACD)
Moving Average
Trend Line
Support and Resistance
Rate of Change (ROC)