Singapore Stock Exchange
STI Weekly Technical Analysis Report
Alex Gray
Publish date: Fri, 18 Jul 2014, 07:16 PM
Alex Gray
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Weekly wrap of STI:
SINGAPORE share prices opened lower on Friday with the Straits Times Index down 10.15 points to 3,296.74.STI opened lower at 3289.680 than the previous week but ended higher at 3310.530. STI was in uptrend this week, in mid week it was little lower but recovered it further.Singapore's small and medium sized enterprises (SMEs) are slightly more positive about their growth in the H2, reported by Singapore Business Federation (SBF) and DP SME Index. The total of 16.8 points positive movement is seen in this week.Singapore's exports fell for a second straight month in June as per trade agency International Enterprise.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3200 | 3100 | 3000 | 3320 | 3340 | 3350 |
Market Forecast for week ahead:
STI was bullish this week and can boost more if the resistance level of 3320 crosses. Prices are already above the 20 & 5o days EMA ,this indicated the rise .If the prices falls below the level of 3200 then we may expect index to be more bearish.
STRAIT TIMES WEEKLY WRAP | |
| OPEN | 3289.680 |
| HIGH | 3310.530 |
| LOW | 3286.280 |
| CLOSE | 3310.530 |
| CHANGE (In Points) | +16.8 |
| % CHANGE | +0.51% |
Technical Indicators:
RSI is at 63.904 and CCI is at 85.306.Both the indicators are supportive for the bullish trend .MACD is at 4.045.
Macroeconomic factors:
- Singapore's non-oil domestic exports extend to fall in June, recording a year-on-year 4.6% drop.
- The Singapore economy performed worse than the market had expected in Q2 expanding 2.1% compared to a year ago, slower than the 4.7% growth seen in Q1.
- A Chinese tycoon seek to buy about 60% of the initial public offering of IREIT Global, a Singapore property trust that will invest in European properties and is aiming to raise about US$300 million
- The Singapore Exchange (SGX) continues to maintain a niche position in Southeast Asia's initial public offer (IPO) market, with its traditional strength in real estate investment trusts (REITs) and mineral, oil and gas (MOG) listings.
- Singapore's economy contracted in April to June for the first time in 7 quarters, hit by a sharp drop in manufacturing activity and the drop to alter the outlook for the city-state's tight monetary policy. Gross domestic product (GDP) shrank by 0.8% t in the 2nd quarter on a seasonally adjusted and annualised basis.
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