SINGAPORE (May 11): Quarterly momentum surged, rising smartly off its equilibrium line. Momentum also simultaneously rose above its own moving average. However, short-term stochastics has turned down. ADX that reflects the price trend, is falling. When ADX falls, prices are moving sideways.
The lower ADX is, the less of a trend there is. ADX is at 17. The DIs are neutral. This indicator confirms that the index remains range-bound despite a 35-point rise to 3,570 during the week. Resistance stays at 3,609, this year’s twice tested high. The moving averages remain intact. The rising 50- and 100-day moving averages are at 3,503. These lines are likely to continue acting as support lines.
For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
