SINGAPORE (Nov 2): Here are two charts for our technical analysis:

Straits Times Index (3,116)
The Straits Times Index rebounded by 150 points within four sessions to end the week at 3,116; resistance appears at the declining 50-day movng average at 3,141. Short term stochastics has rebounded from an oversold low and the 21-day RSI has rebounded off the 30 level. These indicators have further to rebound. However, they can continue to rise as the index moves marginally higher to sideways.

ADX has turned down from an overstretched high as a sign that the strong downtrend is over. However, smoothed annual momentum is likely to continue declining, suggesting that the STI’s downtrend has yet to end. There is a target of 2,800 which may yet be attained.

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