[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.

[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.

[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).

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.

[Week #37] 5th September – 9th September Singapore & US Market Technical Outlook

SG SESSION (Broken 2,800 Critical Support, Sitting on Lower Downtrend Line)

The Straits Times Index (STI) ended the week with a loss of -1.9% (-53.73), breaching the major support zone at 2,800.
The strong correction in STI has been reflecting some relief of its downside pressure, with the market closing 3 consecutive days of Doji Candlestick Patterns reflecting indecision on increased transaction volume. This implies a step in of accumulation pressure. This is also reflected in the Global Equity Demand/Supply Index (Bloomberg) turning up, reflecting a strong interest of institutional level to accumulate the correction.

[Week #36] August 29th – 2nd September Singapore & US Market Technical Outlook

SG SESSION (Supported at 2,800 Critical Level, Establishing Double Bottom Formation)

The Straits Times Index (STI) ended the week with a gain of +0.5% (+13.63 points), rebounding from the support zone at 2,800 level.

The rebound of STI during the week has negated the gradient of its upper downtrend line, relieving substantial pressure of its downward pressure. At the moment, STI is a valid Double Bottom formation (second retracement within the formation with significant reduced volume) awaiting for a breakout at 2,900 resistance level. This observation is also accompanied with potential MACD bullish crossover, along with centerline cross.