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Straitstimesindex

STI just reached interim downside target. May bounce...As posted on numerous occasions recently, the STI, as expected and accurately enough , broke down and ended the week at the interim downside target. This breakdown did not appear to have very strong momentum, although it appears to be technically committed. Hence, expect next week to be slightly bullish, perhaps to retest the resistance. So far, taking stock of the technical outlook, the STI broke down and out of the widening wedge, broke down and failed a retest of the 55EMA (orange line). It just has a bearish bias, just not one of a waterfall like earlier in the year, so we can Robably expect a bounce or range consolidation to follow until the next breakdown... Stay safe, know how to read, and read when it is clear. Am happy to exchange notes if anyone sees another perspective. Looking forward to comments...
TVC:STI
by Auguraltrader
STI broke down just today.Quick but significant development today... the STI weakened to clock lower low (close). In doing so, it had broken down below the widening wedge support with a decisive candle to end the day. It failed the retest of the 55EMA on Wednesday and broke down today (Thursday). The next couple of trading days would be significant as it should be heading about another 30-40 points lower before looking for a bounce off the support level, to retest the support turned resistance line of the widening wedge, at best bullish case. MACD is bearish but not waterfall inducing bearish, more like a slow bleed out. 2560 support needs to hold up, else downside target is marked.
TVC:STIShort
by Auguraltrader
STI confirms a Lower High, looking for Lower LowThe STI had a bit of a ranging week but was dragged down slightly. No bull in sight, nor bullish opportunity as yet another lower high was registered. Previously marked (yellow ellipse) of the first lower high, another lower high was registered last week (fuschia ellipse). And last week’s movement was very significant in foretelling the underlying sentiment. This was the second failure of the 55EMA in July, breaking down into a support range, and MACD is crossing down into the bearish territory (today at current levels). I had adjusted the widening wedge support to the most open level, and this morning (Monday) the STI is testing that support. Breaking down and out of this widening wedge is very ominous for the STI as there would be a deeper downside target. UNLESS, over this week, there is a huge rally that brings the STI to bounce off the support and rally upwards, there is currently a bearish bias for the week. Having said that, the momentum is not signaling the risk of a waterfall, but appears likely to retest the support it broke in the coming weeks. The system has had a Sell signal since 15 June and had not triggered the training stop despite a rather wide range for the past four weeks. Checking back, it is worthy to note that previous related published ideas are correct ; if at all, 5 July published idea of the bulls return was short lived (on a weekly basis). Do click on the little triangles on the top of the candles for quick reference! IF anyone can see a decent bullish case, do leave a comment and share. I only say it as I see it , and am open to other perspectives if there are any valid scenarios. Truly appreciate your comments. Have a good week ahead...
TVC:STIShort
by Auguraltrader
STI is telling a GE story...It is Singapore’s General Election and today is Polling Day. And like previous elections, (2016 US Elections, 2019 Indonesia Elections) there has been some correlation between the equity market with the election outcome. This is based on the collective consciousness, institutional positioning and the retail market sentiment, 0us a huge dose of critical thinking of multiple parameters. And it cumulates into technicals as an indicator. From the STI daily chart, we saw that the recent rally from below the 55EMA continue into this week, and then suddenly reversed as the short week went by. There was no major events nor data this week for Singapore, and that provided some clarity in the technicals forming from sentiment. The STI technicals started turning bearish with a candlestick Bearish Dark Cloud Cover pattern mid-week, which was reiterated with a bearish engulfing again, a day before Singapore headed to the polls. A favorable MACD cross into the bullish territory is now at risk of reversal, and technically looks like there is a higher probability towards a post-election sell off. With historical trends, the incumbent party should still continue to win, but not by a landslide, and the technicals suggests a huge dent in the percentage win... projected to be about 62-63% overall win margin. Given that 2020 has been a year of many unprecedented outcomes, a possible risk of <60% win margin (59%) might be the downside risk. This is what the chart is telling... no expected landslide, and a dent in confidence; hence the market appear to be positioning itself already. Let us see...
TVC:STIShort
by Auguraltrader
Bulls are back at the STIThe STI broke down the week before, and suddenly a reversal to rally came back for later part of the week, closing the week with a bullish engulfing candlestick pattern, and keeping inside the (adjusted) widening wedge. Technically, the weekly chart is bullish, with current candlestick pattern being bullish, there may be an attempt to work towards meeting the 55EMA, or at least near the last high. Over the next couple of weeks. Note also, that for the coming week, Friday is polling day for the General Elections and it is expected for the incumbent government to continue being in charge. Hence, likely to follow through with a bullish market for the coming two weeks, at least. As for the downside target, it has to be put on hold for now, obviously.
TVC:STILong
by Auguraltrader
STI just broke down; possible target at 2000The STI daily chart shows technical break via a Gap Down of: 1. A supporting trendline; 2. Out of a bear rally wedge; 3. Failed the 55EMA; and 4. MACD broke down into the bear territory This appears to be a rather strong conviction of the weakness of the STI and projections indicate 2500 as the next and critical support. Failing which 2200, and consequently 2000. This follows a previous warning that the STI was about to turn and form a top, which it did. Note that the STI appears to be inherently weaker than most indices, partly due to its components consisting of mainly financials, with very few technology, and increasing contribution of REITs.
TVC:STIShort
by Auguraltrader
Here we go... Straits Times Index topping outAs pre-emoted recently, the STI wiped out 5 sessions of gains in just 1 session yesterday. And this happened before the US and global markets moved down strongly due to “second wave” of COVID-19 in the USA. This, in my humble opinion, is actually the extension tail of the initial wave as there was no break. Coming back to the STI, there should be a follow through, with a slight bounce, but should end much lower. Meeting the 55EMA in the gap support zone should offer some supporting bounce, only to fail later in the month. MACD is turning down, but not yet firmed, although the trailstop is already broken for a downtrend. Worthy to note, the green dotted line was the target for the past rally to break above for a trend change. Unfortunately, it did not manage despite a valiant effort. This suggests that the (down)trend resumes to be in force.
TVC:STIShort
by Auguraltrader
Warning that STI is about to turn!Any day now, by the end of the week, the Singapore Straits Times Index (STI) is ready to turn. Yesterday’s candlestick pattern looks bad, and note the red dotted line . This level was required to be exceeded IF it is to resume bullish trend, and clearly it missed by a big margin despite a spectacular run up. 2750 is the immediate support and breaking down means there is a closure of a previous gap, which is bearish. Thereafter, the orange ellipse area is the next battle. Meanwhile, there is likely to have some volatility up and down, so be cautious until breakdown. Heads up!
TVC:STI
by Auguraltrader
Straits Times Index (STI) Analysis 26 May 2020; Staying NeutralCurrently staying neutral for STI. It is trading below the range EQ of 2689.97 and has not been able to reclaim this. This is bearish, which means every bounce should be shorted. However, it is trading above the Order Block (OB) EQ of 2517.52 – hanging by a thread. This is the critical point to look at: whether we reclaim this or lose this at monthly close. When monthly closes in the next few days it will give us a clearer picture. There are 4 scenarios we need to contemplate: 1) (High Probability) Lose OB EQ of 2517.52 -> potential swing short. Take Profit (TP) 1 targeting the EQ of the OB below us at 2318.17. 2) (High Probability) Reclaim OB EQ of 2517.52 -> potential scalp long. Take Profit (TP) targeting the range EQ at 2689.97. Do not stay in this trade for too long. 1) Market structure has broken down on the high time-frame, 2) we are trading below range EQ, so this is a counter-trend move. Hop out of the trade if it is getting uncomfortable; don’t be too fixated on hitting the TP. 3) (Low Probability) Monthly close reclaims range EQ of 2689.97 -> Swing long position. TP1 targeting the EQ of the OB above range EQ at 2919.34. 4) (Very, very Low Probability) Monthly close sweeps range low of 1473.77. This is definitely a long term swing long. Doubt it will happen in the near future.
TVC:STI
by Rilakkuma-San
1
STI - Singapore - poised to deliver 15 to 25% during next 10daysSTI finished a primary degree contracting triangle pattern that should initiate a long path upward from here. It seems to be tracing a 5 wave move up that will form a minor wave 1 pattern. Currently we should be beginning a minute impulse wave 3, the strongest of the impulse waves that should deliver from 14 to 24% returns up to the next 10-15 days. Price-to-book ratio also confirms the pattern. Time to catch it ! FOLLOW SKYLINEPRO TO GET UPDATES.
INDEX:STILong
by SkylinePro
Strait Times Index PlanI know there are a lot of levels I look for bullish liquidity there. It is only because the market presented me with a lot of levels to "play" with. I am technically bullish on the Singapore Dollar (SGD) in spite of the recent easing policy of the currency. There is a positive correlation between the SGD and the STI it seems at the moment hence I am looking to speculate this index to move to the upside. I am looking for business at one of these levels I have marked on the chart
OANDA:SG30SGDLong
by sufiansaid
Straits Times Index (Daily Chart) - Where is the Bottom?Since our last predictions on the Straits Times Index, the price has continued to fall from 3300 to 3000, and then below it. At this rate of decline, is there any support or bottom in sight? I generally do not like to do projections, because most projections are just guesses. The best way to know is to observe the price as it moves, then you will know when it has likely bottomed. And for now, it still looks like it can continue to fall. So i will stay bearish and continue to monitor.
TVC:STIShort
by SynapseTrading