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Right timing: STI encounters resistance, attempts breakout

Goola Warden
Goola Warden10/20/2017 07:15 PM GMT+08  • 2 min read
Right timing: STI encounters resistance, attempts breakout
SINGAPORE (Oct 20): Here are some charts this week for our technical analysis.
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SINGAPORE (Oct 20): Here are some charts this week for our technical analysis.

Straits Times Index (daily)
The Straits Times Index (3,340) gained a further 21 points during the week, taking the total gain to around 50 points in the past two weeks. This is near the year’s high of 3,354, a level that provides resistance. The 50- and 100-day moving averages are attempting to turn up. But, short term indicators are approaching the top end of their range. Short term stochastics has flattened at its top end, while 21-day RSI is at 64, a level from which it had previously encountered resistance. Quarterly momentum retreated. These indicators suggest that there could be near term consolidation.

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