Singapore Stock Market Technical Analysis 16th Dec

Market Review for STI:

Shares gave gap down opening 15.34 points down at 3,278.80. Oil sinks deeper to 7-year lows in Asian trade, Crude prices have plunged roughly 50 per cent since June, weighed down by plentiful supplies, the stronger dollar and weak demand arising from the struggling global economy. 

STI Day Performance
Open	3274.08
High	3279.91
Low	3212.09
Close	3215.64
Change(Points)	-78.50
% Change	-2.38%
Volume	1131.2M
Rise	84
Fall	303
Unch	402

Market forecast for STI:
The continued worrying issues in the global economy pulled the market down and we may expect the same situation. STI may fill the previous gap and then recover taking the support at level 3203 or 3154.

STI LEVELS
Support 1	Support 2	Support 3	Resistance 1	Resistance 2	Resistance 3
3200	3190	3180	3240	3260	3285

Technical Indicators:
RSI is at 33 and CCI is at -37.

Top Gainers			Top Losers
Scrip Name	CMP	%change	Scrip Name	CMP	%change
SEMBCORP MARINE.SG	2.89	0.7	GENTING SING.SG	1.03	-5.07
SIA ENGINEERING.SG	3.96	0.25	NOBLE.SG	1.065	-4.05
SIA.SG	11.59	0.09	JARDINE C&C.SG	39.94	-3.67
KEPPEL CORP.SG	7.98	-0.25	ST ENGINEERING.SG	3.23	-3.58
JMH USD.SG	57.64	-0.28	UOB.SG	23.25	-3.49

Important Factor for today:-

• Singapore shares opened lower on Tuesday, with the benchmark Straits Times Index at 3,278.80 in early trade, down 0.47 per cent, or 15.34 points.
• Oil prices sank further to new multi-year lows in Asia Tuesday, with analysts weighing the possible political and economic fallout in oil-producing countries with little respite in the selling. Cheaper executive condominiums (ECs) outsold private condo units by more than two-to-one in November, figures from the Urban Redevelopment Authority showed on Monday.
• Mainboard-listed Yoma Strategic Holdings said on Tuesday that the Asian Development Bank (ADB) has approved a loan of up to US$100 million (S$131.18 million) to improve infrastructure connectivity needed for sustainable economic growth in Myanmar.
• Mainboard-listed commodity giant Olam International said on Tuesday it will acquire the global cocoa business of US-based Archer Daniels Midland (ADM) for US$1.3 billion (S$1.71 billion), propelling it to the ranks of the world's top three cocoa processors.
• Tokyo stocks opened 1.39 percent lower on Tuesday after Wall Street shares continued to come under selling pressure, while the US dollar remained weak against the yen.
• Further drops in oil prices and slumping shares across Asia sent Singapore stocks down almost 1 per cent on Monday.The benchmark Straits Times Index lost 29.99 points, or 0.9 per cent, to 3,294.14, with energy plays continuing to take a hit.But overall trading activity was muted, with just 974.4 million shares worth $833.6 million changing hands.
• Global shares prices came under pressure on Monday as oil prices briefly sank to fresh 5-1/2 year lows in choppy trade, doing little to allay concerns that some energy producers and exporters could find themselves in dire straits as revenues slump.