SINGAPORE STOCKS: IMPORTANT TECHNICAL UPDATES NOW

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Dear readers, the US stocks closed last Friday with a very lacklustre showing: Dow: -0.77%; Nasdaq: -0.67% and S&P: -0.71%. Hours before, on the same day, the Singapore Stocks markets also performed in a similar fashion with the STI ending the trading day at 1.26% lower. Thus, it is expected that Singapore stocks will not open bullishly later.
We have ample macro-related reasons to explain the performance of the stocks: trade tensions and now some reasons from the Turkish front.

On the technical front, in earlier posts, I shared with readers how the 300-Days-Moving-Average is a strong resistance for the STI ETF. Looking at the STI ETF technical charts, it seems that the stock price is still not able to shrug off and climb above this 300-Days-Moving-Average. Another technical development is that the 100-Days-Moving-Average of the STI ETF is starting to descend and currently intersects the 200-Days-Moving Average whose gradient is still positive. Since July 2016, the 100-Days-Moving-Average has always been above the 200-Days-Moving-Average and if this 100-Days-Moving-Average starts to cross below the 200-Days-Moving-Average, I believe the downtrend of the STI would continue to be sustained. I have a target for the STI to first head 3,000 thereafter to an approximate 2,880 mark.

In all, a Bearish view on the Singapore Stocks Markets. Join the emailing list to receive regular Financial and Singapore stocks newsletters too! Like" me on Singapore Stocks Investing Facebook page to receive all posts on your Facebook as well as read more articles. Follow me on Twitter too.

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