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[Week #40] 26th September – 30th September Singapore Market Technical Outlook

SG SESSION (To Retest 2,865 Gap Resistance Level)

The Straits Times Index (STI) ended the week with a gain of +1% (+29.5 points), recovering from the major support at 2,790 as highlighted last week (http://singaporestockstrading.com/2016/09/18/week-39-19th-september-23rd-september-singapore-us-market-technical-outlook/).

At the current junction, STI has been resisted by the window resistance (gap) at the closing level of 2,865 level but it is likely to see a retest on Monday, based on the strong price action at the closing session of last friday.

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[Week #39] 19th September – 23rd September Singapore Market Technical Outlook

SG SESSION (Rebounding from 2,800 Critical Support Level)

The Straits Times Index (STI) ended the week with a loss of -1.6% (-44.88 points), erasing all the gains from the previous week.

At the current junction, STI is recovering from a Bullish Reversal Candlestick Pattern from thursday session towards the immediate resistance at 2,850 level.
As the 2,800 major support level continues to act as a critical pivot level for STI (highlighted last week http://singaporestockstrading.com/2016/09/12/week-38-12th-september-16th-september-singapore-us-market-technical-outlook/), the violation of this level is likely to infuse strong selling pressure towards 2,720 level.

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SG Stocks To Watch (ThaiBev)

ThaiBev has reflected a Bullish Reversal Candlestick Pattern (Bullish Engulfing) at the close of the session, coinciding with a major support and price congestion at $0.915 level with volume exceeding its 50 days average. This reflects bullishness on the counter with a potential recovery to maintain its uptrend intact, towards its immediate resistance at $1.045 level.

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SG Stocks To Watch (Yanlord)

Yanlord has reflected a Bearish Reversal Candlestick Pattern (Shooting Star) with today confirming the imminent correction, losing 2.92% intraday. With Stochastic oscillator also at overbought level, signalling with a bearish crossover, it is likely to see Yanlord continue is correction towards the price congestion level at $1.285, coinciding with a price resistance turned support level.

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SG Stocks To Watch (Silverlake Axis)

Silverlake has reflected a Bearish Reversal Candlestick Pattern (Shooting Star), with Friday confirming the imminent correction. At the current junction, it is likely to see Silverlake Axis test its major resistance turned support level at $0.625.

Do note that price support at $0.625 will still continue to maintain the mid term bullishness (uptrend) of the counter as a healthy correction is required for the sustainability of the steepness of this trend channel.

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[Week #38] 12th September – 16th September Singapore & US Market Technical Outlook

SG SESSION (2,800 Critical Support Level to be Re-tested)

The Straits Times Index (STI) ended the week with a magnificent gain of of +2.5% (+69.41 points), erasing all the losses over the earlier 5 weeks.

As the US market remained quiet over the months. the modest trading range ended spectacularly on Saturday morning with a loss of -2.5% in S&P 500. It is likely to see the STI gapping down at tomorrow’s opening session to discount the keen jerk effect, that has already reflected on Asian markets today (Nikkei, Shanghai and Hang Seng).

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SG Stocks To Watch (Sheng Siong)

Sheng Siong has accurately retraced from its Bearish Reversal Candlestick Pattern (Shooting Star) since our previous update (http://singaporestockstrading.com/2016/08/24/sg-stocks-watch-sheng-siong/)

At the current junction, Sheng Siong is still respecting its long term uptrending channel as it continue to established a higher swing low at $1.02 with price recovery this week. However, the closing of its 3 Doji Candlestick Patterns with lacklustre movement is likely to imply a pause in its first round of distribution (supply), with likely resumption of supply for further profit taking.

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SG Stocks To Watch (Singtel)

Singtel has managed to continue its recovery from it’s pivot establishment since our last update (http://singaporestockstrading.com/2016/09/02/sg-stocks-watch-singtel/).

At the current junction, the closing of Doji Star Candlestick Patterns (low volume) implies a healthy pause in the current short term rally which coincide within the support zone of $4.06 – $3.97 levels. It is likely to see further upside strength for Singtel to retest its all time high nearing $4.28 immediate resistance level.

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SG Stocks To Watch (AIMSAMP Cap REIT)

AIMSAMP Cap REIT (SGX:O5RU)

AIMSAMP Cap REIT is currently establishing a higher swing low (higher low), establishing a mid-term uptrend channel as confirmed by the Trender overlay. With majority of the SGX listed REITs at overbought level after an extended rally, AIMSAMP Cap REIT is likely to play catch up to minimize the currently divergence against the sector, offering an opportunity for short term traders and investors.

The immediate resistance to watch for is at $1.46 level, with support level to negate this mid term trend channel at $1.385.

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SG Stocks To Watch (Jumbo)

Jumbo closed today’s session with a Bullish Reversal Candlestick Pattern (One White Soldier) with exceptional high transacted volume exceeding its 50 days average, implying further upside strength to establish this swing point low as a supported level.

The immediate resistance to watch for is at $0.63 level, which is also a historical consolidation period with distribution pressure from institutional level with Global Equity Demand/Supply Index (Bloomberg) peaking during the whole of July, before undergoing a -16.2% correction in August with a breakdown of its Bearish Wedge Formation.

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