SINGAPORE STOCKS: START OF A DOWNTREND

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STIDear readers, in my previous post on STI, I shared with readers that the STI ETF level at $3.435 (200-Days-Moving-Average) needs to be looked out for as well as the support for the STI at 3,339. The STI closed at 3,356.73 on 14 Jun 2018 and the STI ETF closed at $3.409. Looking at the technical chart of the STI ETF, the ETF is now below the 200-Days-Moving-Average and based on RSI, the STI ETF is also oversold.
 
I believe this is the start of a downtrend for the STI. Based on what I set as support for the STI at 3,339, that means the STI needs to go south by around 0.6% to go below this support to confirm the downtrend for STI.

Should a downtrend is confirmed to set in, I think it is not wise to go discount hunting for stocks against this larger trend. As what people commonly say: "Follow the trend".
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