Profit taking gas been observed in all the heavyweight STI component stocks based on the STI Matrix Heatmap including the banks and property counters.
The STI has been in a range since 080321 between 3024 and 3237 for 5 months now.
On a longer term outlook, the long signal on 010321 at 3108 on the monthly charts must break above the range at 3237 to confirm a...
DBS, the biggest component of the STI, appears to have great downside risk.
Breaking below support of 29.60, after a lower high, means a lower low is put in place.
The weekly chart already had a Bearish Engulfing last week, and this week (left with 1.25 days) closing down below 29.60 to end the week would be another toppish candlestick pattern called the Three...
Bullish case for the STI
1. Technicals are looking bullish
2. Quick recovery after failing the 55EMA
3. Waiting to break out of trend line resistance
Bearish case for the STI
1. IF it breaks down the support of the last low, it is a goner.
and somehow, IF I had to make a call, against obvious odds, I see that in higher and unexpected probability of a down...
The Straits Times Index (STI) rallied so hard at the beginning of 2021, only to sputter out, failing to break over 3000 , clocked a Lower High, and today, a Lower Low. The past two weeks have been under a Sell signal too.
It's troubles are just beginning as a series of Gap Downs skipped through a couple of gap support levels, and is now testing to break down...
The STI has been entrenched in a tight range since for 4 weeks between 2783 and 2872.
The short signal issued on the 301120 at 2841 targeting 2767 is still VALID.
Short positions below 2872 targeting 2783 and 2668
A break above 2872 will target 3108
The Straits Times Index (STI) retraced -0.56% (-15.93 points), implying the play of the weekly Bearish Shooting Star candle highlighted last week. This retracement also coincide with the gap resistance zone of 2,900-2,960 levels.
However, STI have exhibited its first major moving average golden cross (50DMA vs 200DMA) which was last witnessed in March 2019. The...
Following yesterday's idea sharing about the STI, the day closed with a Bearish Enguling, that broke down supports to close two Gaps.
This is VERY significant for downside development going forward...
Current target 2660-2680, next week.
DBS, a big component of the STI (Straits Times Index) finds itself on an island (yellow circle)
This is precarious... a drop below the current support will result in a decent retracement.
MACD and Relative Price Strength already turned down... so it is held up with very little.
Be aware, beware!
Technically, this is a classic pullback all set up...
A strong rally to the upside based on vaccine elation
supported by financials and sectors for "going back to Normal"
followed by a Dark Cloud Cover candlestick pattern
that was confirmed with a Gap Down.
It is just above a range support, but breaking into the next Gap Down range (below the red line) would be...
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...
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...
The 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...
The STI has almost closed a gap and now stands at a support area.
Yesterday closed just below the 55EMA and MACD has crossed down.
Bearish momentum is however muted, but the bias is there.
Watch for breakdown late session today (Friday)...