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Weekly Technical view on STI
U.S. Federal Reserve’s policy statement came in the mid-month had a great impact on the market. The Great Financial Crisis of 2007-09 kicked into full-gear some six or seven years ago and caused the Straits Times Index to plummet almost two-thirds from its pre-crisis peak. Although Singapore’s share market bellwether is still 15% below its pre-crisis peak of 3,876 points reached in October 2007, the recovery these past few years has still been really strong.
U.S. Federal Reserve’s policy statement came in the mid-month had a great impact on the market. The Great Financial Crisis of 2007-09 kicked into full-gear some six or seven years ago and caused the Straits Times Index to plummet almost two-thirds from its pre-crisis peak. Although Singapore’s share market bellwether is still 15% below its pre-crisis peak of 3,876 points reached in October 2007, the recovery these past few years has still been really strong.
As of today Japan edged higher, while Australia fell, as both markets stabilized after sharp gains in the previous session.
| STRAIT TIMES WEEKLY WRAP | |
| OPEN | 3268.100 |
| HIGH | 3270.890 |
| LOW | 3258.800 |
| CLOSE | 3258.800 |
| CHANGE (In Points) | -10.220 |
| % CHANGE | -0.31 |
Market Forecast for week ahead:
STI did not performed well this week and break its lower level. We may expect that the STI may take a corrective action and may reverse a trend if the factors will be in favour but The indicators and the candlesticks are giving the indication that the bearish trend is expected to continue for the next well as well.
Technical Indicators:
RSI is above the centre line at 58.361 and CCI is at 65.515
STI did not performed well this week and break its lower level. We may expect that the STI may take a corrective action and may reverse a trend if the factors will be in favour but The indicators and the candlesticks are giving the indication that the bearish trend is expected to continue for the next well as well.
Technical Indicators:
RSI is above the centre line at 58.361 and CCI is at 65.515
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3230 | 3200 | 3170 | 3290 | 3300 | 3330 |
Weekly wrap of KLCI:
FBM KLCI was up 5.95 points to 1,887.43.Turnover was 164.12 million shares valued at RM1bil. SKPetro is the counter which took the credit for KLCI to move higher. The FBM KLCI fell at the midday break today in the absence of strong buying support by funds ahead of the weekend, though the KLCI made a high of 1,887.54 in intra-morning trade. Public Bank was the main drag on the KLCI as it fell 12 sen to RM20.24 after its rights shares went ex the previous day. It erased 1.21 points from the KLCI.
FBM KLCI was up 5.95 points to 1,887.43.Turnover was 164.12 million shares valued at RM1bil. SKPetro is the counter which took the credit for KLCI to move higher. The FBM KLCI fell at the midday break today in the absence of strong buying support by funds ahead of the weekend, though the KLCI made a high of 1,887.54 in intra-morning trade. Public Bank was the main drag on the KLCI as it fell 12 sen to RM20.24 after its rights shares went ex the previous day. It erased 1.21 points from the KLCI.
| KLCI WEEKLY WRAP | |
| OPEN | 1885.360 |
| HIGH | 1887.540 |
| LOW | 1878.680 |
| CLOSE | 1885.720 |
| CHANGE (In Points) | +4.240 |
| % CHANGE | +0.23 |
Market Forecast for week ahead:
As per the economic conditions and the movement of market this week we may expect that it will move in uptrend and will break the higher levels. The indicators are also supportive for the uptrend movement.
As per the economic conditions and the movement of market this week we may expect that it will move in uptrend and will break the higher levels. The indicators are also supportive for the uptrend movement.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 1855 | 1825 | 1800 | 1900 | 1930 | 1960 |
Technical Indicators:
Relative Strength Index (RSI) is above the centre line and is at 64.295 and Consumer Confidence Index (CCI) is at 102.785.
Relative Strength Index (RSI) is above the centre line and is at 64.295 and Consumer Confidence Index (CCI) is at 102.785.
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