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Looking ahead: Singapore

STI

Trend: Sideway hold or downtrend (uptrend line broken), 2930 to hold for uptrend else trend reversal with lower low being made. Mini-downtrend line holding the upward movement. Have to move upwards above 3040 for uptrend to resume.

Indicators: MFI, RSI and Stochastic all turning down. MACD crossover and turning down. CCI turning up.

Candlestick: Last candlestick is a doji with high volume.

Conclusion. Bull and bear are in a tussle right now with the bear getting the upper hand.

Banking Sector

Daily chart: Rebounding from resistance turn support. Very similar to STI but the last candlestick is a white spinning top. It might be forming a bullish flag. RSI MFI seems to hold.

Weekly chart: market seems to be overbought at the moment with possible formation of double top.

Commodities sector

Daily chart: downtrend or possible sideway and last candlestick looks really bad. with all indicators heading southward.

Weekly: 20w MA seems to hold. 3 black candle for last 3 weeks.

Marine sector

Daily: strong uptrend with all indicators doesn’t look good. Put a trailing stop below 20d MA.

Weekly: 5w MA holding the sector but it is the first dark cloud cover after 9 weekly white candle and it its very far from home (20w MA). Look to cash out at least half for stocks in this sector. Stochastic is also giving same signal.

Properties sector

Daily: back to support level. It seems to be beaten down real bad. 5 EMA is holding the downward movement with all indicators turning up from oversold region.

Weekly: doesn’t really look good for now. Better to wait for 1 weekly white candle before going into this sector.

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  1. May 1, 2010 at 9:30 am

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