STI Weekly Technical Outlook (14 Dec - 18 Dec 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: 3,100
Resistance 1: 2,950
Support 1: 2,845
Support 2: 2,740
Probable STI Movement
Preferred : Bearish downtrend towards 2,740
Alternate : Sideway range between 2,845 - 2,900
Remarks: STI looses momentum again this week with its 2,845 support broken and both MACD and ROC(13) reversed back to bearish.
In view of the above, STI possible movement is trading towards its next support at 2,740.
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 support is broken and MACD resumes bearish and trades below the zero line.
Minor Trend is bearish as ROC(10) resumes bearish trend and trades below the zero line.
Technical Terms (StockCharts.com):
Moving Average Convergence/Divergence Oscillator (MACD)
Support and Resistance
Rate of Change (ROC)