Singapore Stock Exchange: Weekly Technical Report on STI

Posted: January 9, 2015 in Stock Tips

In this week STI opening was not good First day closed by losing 42 points. Singapore shares retreated as oil prices continued to plunge on fears of falling demand in the midst of oversupply, marking a poor start to 2015’s first full week of trading. Second day STI gave a gap down opening. Singapore shares remained weak as investor appetite across the region soured after steep falls in oil prices overnight renewed concerns that global growth might be more tepid than expected. Then came into correction mode ,traders remained nervous after oil prices hit new five-and-a-half-year lows and Greek political turmoil sent the euro skidding. Last day of the week gave gap up opening with 21 points.  LIVE TRADING SIGNALS

STI Chart

STRAIT TIMES WEEKLY WRAP
OPEN 3368.38
HIGH 3372.34
LOW 3267.89
CLOSE 3338.44
CHANGE (In Points) -32.15
% CHANGE -0.96%

Market Forecast for week ahead: The trend of market is expected to be bullish for next week. STI formed hammer on the top of the chart. Currently we have seen unusual volatility in markets due to oil prices crisis and global economic tensions. Asian shares climbed for a third straight day following more advances on Wall Street, while bargain-buying helped oil recover slightly from its latest sell-off. We may see bullish really in next week trading session.
Technical Indicators: RSI is above the centre line which is supporting the uptrend for the week at 55.32 and CCI is also supportive at the level of 48.37.
Macroeconomic factors:

  • Singapore legal sector’s guiding principle is to serve the people and it must also remain open to the region and the global community if it is to build a world-class legal infrastructure.
  •  China has freed prices of 24 commodities and services, removing all price controls on agricultural products, among other reforms.
  •  Demand for higher returns in Singapore bonds from the city’s swelling private banking industry has brought with it greater risks. 
  •  Singapore legal sector’s guiding principle is to serve the people and it must also remain open to the region and the global community if it is to build a world-class legal infrastructure.
  •  The online classifieds joint venture is now established between Singapore Press Holdings, Norway’s Schibsted Media Group and Telenor Group, and South Africa’s Naspers.
  •  Singapore Shipping Corporation said it has managed to secure a US$16.5 million ($22 million) seven-year term loan financing facility with a leading Japanese financial institution.
  •  Oil prices were heading for a seventh weekly loss on Friday, with key producers showing no signs of cutting output in the face of a global supply glut.
  •  China’s consumer inflation rebounded marginally to 1.5 per cent year-on-year in December, the government said Friday, as slowing growth in the world’s second-largest economy keeps a lid on prices.
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