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Right timing: STI gains more strength, breaks out eveloped markets

Goola Warden
Goola Warden • 1 min read
Right timing: STI gains more strength, breaks out eveloped markets
SINGAPORE (Jan 11): The Straits Times Index should continue to gain strength against developed markets this week (Jan 14-18). The Index has broken out of the psychological resistance at 3,100, and what appears to be the top of a double bottom at 3,160. Th
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SINGAPORE (Jan 11): The Straits Times Index should continue to gain strength against developed markets this week (Jan 14-18). The Index has broken out of the psychological resistance at 3,100, and what appears to be the top of a double bottom at 3,160. The STI has also broken above both its 50- and 100-day moving average. Immediate resistance appears at the confluence of 3,200 and the 200-day moving average at 3,256.

Short term indicators are rising
Short term stochastics is rising and has the potential to rise further. The 21-day RSI is also rising. ADX is turning up from a low level and the DIs are positively placed, indicating a medium term upmove.

Long term momentum still declines
The STI ‘s long term indicators do not confirm the rebound in the short and medium term indicators, suggesting that the current rally could run into resistance soon. Annual momentum continues to fall, and the 2-year momentum indicator appears poised to break below its equilibrium line.

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Straits Times Index (STI)

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