Singapore Airlines ($4.26) is weaker now than at the start of Dec. While quarterly momentum remains on an uptrend, short term stochastics and 21-day RSI are falling. In addition, ADX is also falling, and the DIs - currently neutral- could turn negative temporarily. Support appears at the confluence of the 50- and 200-day moving averages at $4.
The Straits Times Index which closed at 2,842 on Christmas Eve, down 6 points week-on-week, may continue to consolidate through to the end of the year. Short term stochastics appears ambivalent, turning up mid-range. ADX is falling, and the DIs are neutral, an indication that the index is likely to remain rangebound for the next couple of sessions. Quarterly momentum, interestingly, has strengthened. In addition the moving averages are positively placed. Hence the rising 50-day moving average is likely to act as a support line.
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The sideways trend, in force since early Nov has seen support established at the 2,795 to 2,800 range. Resistance stays at the Nov high of 2,891 to 2,900. The overall trend remains upwards.
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