Showing posts with label STI. Show all posts
Showing posts with label STI. Show all posts

Thursday, April 16

STI Technical Analysis 16th April

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The Straits Times Index is currently near a pivotal point as it is near the resistance level, which wa the previous peak of around 1933, formed on the 7th of January this year. It tested this resistance level but it was unable to close above this level today. We should be able to know the new direction of STI soon, depending on whether it can breach this resistance level.
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Wednesday, March 11

STI Technical Analysis 11th Mar

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STI has fallen below the support level of 1473 made on the 28th of October last year. I expect that there will be more downside to come.
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Thursday, January 29

STI Technical Analysis Jan 29

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It's been 3 weeks since I posted on the technical analysis on the STI. Market volume seems to be creeping back although it is still not that strong. Currently, we are looking at the level of 1677 as a gap support. There was a huge gap formed during December as highlighted by the purple circle and it remains to be seen whether it can hold as a support level.
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Thursday, January 8

STI Technical Analysis 07 Jan

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STI seems to have fail break the resistance level of around 1933 with a black candlestick on heavy volume. There is a minor support at around 1828 due to the gap and a trendline support indicated by the blue line if the gap support fails.
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Tuesday, January 6

STI Technical Analysis 05 Jan

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It's been a long time since I posted for the STI Technical Analysis. This was because in my previous post, I mentioned that the STI will be resuming its uptrend or will at least be consolidating and for the past 3 weeks, it has been doing that. Furthermore, volume was very light due to the festive season i.e. Christmas and New Year Day thus it's pretty pointless for me to do an analysis.

Yesterday, STI closed near its high with a heavy volume that was close to 2 billion and that is significant. My opinion is that STI will continue on its uptrend if it can get past the resistance level of around 1933.
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Monday, December 15

STI Technical Analysis 15th Dec

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The volume for the past two trading days of the STI, which were down days were relatively light and that is a good sign. A gap was formed on 9th Dec at around 1683 and I am expecting STI to test this gap as a support level soon. If this testing is successful, there will be a good chance that STI will resume its move to the upside or will at least be consolidating.
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Wednesday, December 3

STI Technical Analysis 3rd Dec

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The significant thing I noticed today about the STI is that even though DJI closed poorly with a percentage drop of -7.67%, STI did not gap down that much at the opening. STI opened at a level of 1643.63 and using the previous closing level of 1690.23, it only gap down with a percentage drop of -2.75%. Overall, STI only lost 3% at the closing. I interpret this as a sign of resilience and less panic in the market.

Current support levels to watch out for includes the level of 1571 which was the minor bottom formed on the 21st of November and the level of 1471 which was the major bottom formed on the 28th of October.
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Saturday, November 22

STI Technical Analysis 22nd Nov

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Another day of buying up on Friday for the Straits Times Index when it opened on a huge gap down due to the dismal closing of the Dow Jones Industrial Average. STI touched a low of 1570.23 before closing at close to its high at 1662.1. This is the third day of such buying up that has occurred since STI touched the interim bottom on 28th of October. I have highlighted those three days with purple rectangular boxes. You can also take a look at my previous posting on such buying up for the STI here.
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Sunday, November 9

STI Technical Analysis 9th Nov

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There has been two instances where STI opened on a huge gap down and covered back the gap at the end of the day with heavy volume and that to me, is significant technically. I have highlighted those two days and their corresponding volume with purple rectangular boxes. Why are they significant ? This is because this shows that there are buyers in the market who are willing to buy in at lower prices. Usually, the huge gap down is caused by a dismal closing for the DJIA.

On the 28th of Oct, STI opened at 1496.12 and touched a low of 1473.77 before closing at 1666.49. Percentage-wise, STI managed to chalk up a huge gain of 11.6%. On the 7th of Nov, STI opened at it's low of 1717.66 and closed at 1863.49 and we are talking about a percentage gain of around 7.8%. The movement of these two days suggest that the downside risk is getting limited.
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Sunday, November 2

STI Technical Analysis 2nd Nov

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In my opinion, STI has formed an interim bottom due to two factors. The first factor is that the current downtrend is getting too steep. If we assume that STI sheds an average of 100 points for every trading session, it will reach a value of 0 which is impossible in just around 16 days. This is completely irrational thus this downtrend cannot be sustained for long.

The second factor is that there was a strong closing on the 28th of October. STI opened on a huge gap down at 1496.12 and subsequently went on to gain a whopping 12.9% of 192.77 points from a low of 1473.77 to close at it's high at 1666.49. This strong showing was coupled with a heavy volume.

Whether this interim bottom is the final bottom is up to anyone's guess. However, there is a high probability of it being the final bottom since STI has tanked as much as the previous Asian Financial Crisis. Using the low of 1473.77, STI has fallen 61.9% from a peak of 3875.77 and that is close to the percentage amount that STI suffered during the Asian Financial Crisis.
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