STI Weekly Technical Outlook (9 Nov - 13 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

Trading the Singapore Market (Long Trades)
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
Support    2: 2,800

Probable STI Movement
Preferred  : Bearish downward movement towards 2,950
Alternate  : Sideways near 3,050 zone

Remarks: STI fails to break its 3,050 resistance level again. A 2x failed breakout is strong bearish sentiments again traders. 2,950 is a moderately good support with a confluence of price level support and 50 days moving average support. Thus, STI is likely expected to test its 2,950 support level this week.

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 and STI failed to break 2,950 resistance again.

Minor Trend is bearish as ROC(10) is trades below zero.

*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)