SINGAPORE (Dec 22): Here are some charts for our weekly technical analysis.
Despite a three-point bounce on the last trading day before Christmas, the STI lost 31 points during the week to close at 3,385. This takes the index marginally below the 50-day moving average at 3,396. A couple of factors are worrisome. The STI ended below a support line before a long weekend. And, short term indicators are weak. The 21-day RSI has broken below its equilibrium line support after a negative divergence with the STI. ADX has flattened, and the DIs are clearly negative. Short-term stochastics is falling.