STI Weekly Technical Outlook 16 Nov - 20 Nov 15)
Straits Times Index (STI) Technical View:
Primary Trend (6mths or more) : Bearish
Secondary Trend (1-6mths) : Bearish
Short Term(1mths or less) : Bearish
Long Term Trades : Not Preferred
Mid Term Trades : Not Preferred
Short Term Trades: Not Preferred
Levels to watch:
Resistance 2: 3,150
Resistance 1: 3,050
Support 1: 2,950 (Broke)
Support 2: 2,800
Probable STI Movement
Preferred : Bearish downward movement towards 2,850
Alternate : Sideways near 2,900-2,950 zone
Remarks: STI broke its support level at 2,950. Thus, showing strong selling pressure. STI will likely to retest its next support level at 2,850.
Comments on STI Technical View
Primary Trend is bearish as 55 Days SMA is trading below the 144 Days SMA, and 144 Days SMA continues to be downward sloping.
Secondary Trend is bearish as MACD crossed below signal line. STI also broke its 2,950 support.
Minor Trend is bearish as ROC(10) continues to trade below zero.
Technical Terms (StockCharts.com):
Moving Average Convergence/Divergence Oscillator (MACD)
Support and Resistance
Rate of Change (ROC)