Sembcorp Industries is studying ways to turn green. Its share price is testing its one year high at current levels. Short term stochastics has turned up from the bottom of its range. ADX is turning up from an ebb, and the DIs have made a positive cross. Quarterly momentum continues to rise. These indicators should lift prices. A successful break above $2.21 indicates a short term upside of $2.52.
The STI has cleared resistance at 3,150 and regained its 50-day moving average at 3,165. The rebound is supported by an upturn and likely upmove by stochastics which bounced off the bottom of its range. The 21-day RSI rebounded from 37, which is near the low end of its range. Quarterly momentum has also turned up.
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These short term indicators are aiding the STI’s rebound. Since ADX continues to decline, an uptrend may not develop just yet. Instead, the index is likely to encounter resistance at 3,220.
