Singapore Stock Exchange

STI Technical Analysis Weekly Report

Alex Gray
Publish date: Fri, 14 Mar 2014, 08:44 PM
Alex Gray
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Weekly wrap of STI:
This was the week in which STI performance was in the down side, STI opened at 3131 and closed at 3073 by making the high of 3145.
STRAIT TIMES WEEKLY WRAP
OPEN 3131.87
HIGH 3145.24
LOW 3060.51
CLOSE 3073.72
CHANGE (In Points) -62.54
% CHANGE -1.99%
As published yesterday in our report STI made a green candle today in the expected range and made the formation of Bulkowski's Downside Tasuki Gap.
By studying the chart formation of the STI on monthly basis STI is expected to form the Three Mountain Top Pattern, as it can be noticed that on 17thFeb STI closed at 3069 where today (14thMarch) STI gave the closing at 3073 & till today Two Mountains have been formed, where we can expect the formation of third Mountain in coming trading session.
Macroeconomic factors:
  • China announced the poor batch of economy data while revised Japanese fig 2013 showed slower growth than expected & this cause the tumbled for the opening of Asian market.
  • Singapore listed companies with Dec year ends continued to report growth overall in last 4Q2013, but profit slipped for full year.
  • SGX announced today that it is coming with the new set of Asian currency futures to expand its suite of foreign exchange future (FX) & launching options on china A50 futures, as this will be available in the 3Q 2014.
  • Singapore largest retail warehouse store Big Box is set to open its doors in the 4Q2014
  • Monetary Authority of Singapore announced that Singapore is set to be among the first countries in the world to regulate virtual currency intermediaries such as the operators of bitcoin exchanges & vending machines
Market Forecast for week ahead:
  • STI lead a 3rd day fall and 1st week fall after 5 weeks winning strike, STI closed below its 50 & 20 Week MA level and support of 3085 it is a bearish signal.
  • STI formed a long black candlestick as per the movement of market it opens flat and made week high but didn't able to maintain above resistance level and fell badlly and crossed its opening level and finally closed with few points of recovery near to lower level. bears are dominate bulls and index closed on lower level.
  • For coming week STI can move further down if it will crossed multiple support line (yellow line on weekly graph) @ 3060 mark. On the coming week there is 2 major data lined up Merchandise Trade, incl non-oil domestic exports(NODX) on 17th March and Q1 MAS Survey of Professional Forecasters GDP Forecast
Support 1 Support 2 Support 3 Resistance 1 Resistance 2 Resistance 3
3145 3115 3095 2990 3020 3060
STI Resistance:
STI having immediate support @ 3060 level and below this level it can take support @3020-2990 will be the support zone for STI.
STI Support:
STI having immediate Resistance @3095 and above this level it may take resistance @ 3115-3145
Technical Indicators:
Technical indicators MACD given its bearish signal on weekly  chart , RSI and CCI are trading in down trend mode.
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