SINGAPORE STRAIGHT TIME INDEX: Weekly Technical Analysis (18 – 22 Nov)

Posted: November 15, 2013 in Uncategorized
Support 1 Support 2 Support 3 Resistance 1 Resistance 2 Resistance 3

3175

3150

3125

3215

3235

3265

Image

STRAIT TIMES WEEKLY WRAP

OPEN

3184.09

HIGH

3202.79

LOW

3163.01

CLOSE

3201.27

CHANGE (In Points)

24.02

% CHANGE

0.75%

 Weekly wrap of STI:

Singapore shares rose for a second session on last day of week, of course for their biggest weekly gain in one month, as investors were encouraged by the prospect of extended US monetary stimulus.

Week starts below 3200 mark @ 3184.09 and then it crossed 50 week MA level i.e 3179.28 and made week low @ 3163.01 and took support at this level, after taking support STI made high of 3202.79 and closed near to high @ 3201.27 with gain of 24.02 points up by 0.75% wow basis.

Macro-Economic:

Singapore’s non-oil domestic exports (NODX) probably fell year-on-year for a 9 straight month in October, albeit at a slower pace as Western economies recover. In September, domestic exports fell 1.2 % from a year earlier. The median of the poll is for exports to have fallen 0.8 % in October.

SINGAPORE’S retail sales slipped 5.9 % in September compared to a year ago as sales of motor vehicles and telecommunications apparatus & computers suffered double digit declines. Month-on-month (seasonally adjusted), retail sales edged up 0.5 % as sales of vehicles improved over August by 19.1 %. Excluding sales of vehicles, however, retail sales declined 2.5 %.

Market Forecast for week ahead:

  • STI closed above 3200 mark near to weekly high; however it just crossed 3200 mark and closed @ 3201.27.

  • STI closed with recovery after 3 weeks lower trend. Maintain to close above its 50 week MA level of 3179.27.

  • For coming week if STI could maintain itself above 3175 then it can cross 3250 mark and below 3175 STI can be bearish biased.

STI Resistance:

  • STI having Resistance @ 3215 and above this level it may take resistance from 3235-3265 levels.

STI Support:

  • STI having nearest support @ 3175 below this 3150-3125 will be the support area for market.

 Technical Indicators:

Technical indicators are in recovery mode, RSI closed @50.91 and CCI trading in positive mode.

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