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Blue chips under pressure

Goola Warden
Goola Warden8/2/2019 11:17 PM GMT+08  • 2 min read
Blue chips under pressure
SINGAPORE (Aug 2): Quarterly momentum has broken down and has weakened considerably since end July. The Straits Times Index slipped below the confluence of the 50- and 100-day moving averages at 3,277 and 3,278. The breakdown took place on expanding volum
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SINGAPORE (Aug 2): Quarterly momentum has broken down and has weakened considerably since end July. The Straits Times Index slipped below the confluence of the 50- and 100-day moving averages at 3,277 and 3,278. The breakdown took place on expanding volume, a sign of selling. The next support appears at 3,200. However, since medium term indicators have weakened, with ADX turning up and the DIs have turned negative, the STI may fall below 3,200, to the support low of 3,110 reached on end-May.

Short term indicators are weak. Stochastics is falling after turning down from the top end of its range, and 21-day RSI is also in sharp retreat. Annual momentum has turned down, but it remains above its own 40-week moving average.

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