STI Weekly Technical Outlook (21 Dec - 25 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 : Sideway range between 2,800 - 2,850
Alternate : Downward trend towards 2,750
Remarks: STI showed strength this week range up to ta high of 2,868.87, instead of further downward movement. In view of the above, STI possible movement is ranging between 2,800-2850.
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 neutral as ROC(10) around its midpoint.
Technical Terms (StockCharts.com):
Moving Average Convergence/Divergence Oscillator (MACD)
Support and Resistance
Rate of Change (ROC)