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Right timing: STI reaches support, decline to slow

Goola Warden
Goola Warden • 1 min read
Right timing: STI reaches support, decline to slow
SINGAPORE (May 18): The Straits Times index 68 points or just 2% over the past five trading sessions compared with a decline of 3.5% in the previous week.
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SINGAPORE (May 18): The Straits Times index 68 points or just 2% over the past five trading sessions compared with a decline of 3.5% in the previous week.

This has brought the index to 3,20, below the 100-day moving average at 3,230 but above the flat 200-day moving average at 3,167.

There could be a short term pause to the decline as stochastics is at the bottom of its range, and 21-day RSI is at 38. RSI’s support is at 30.

ADX is high and the DIs are negatively placed. Quarterly momentum is weak. It has slipped below its equilibrium line.

Annual momentum moved sideways and may continue to meander sideways, stuck below its own equilibrium line.

Immediate support is lowered to 3,167 and immediate resistance is likely to appear at 3,290.

Among the declines, DBS Group Holdings fell 69 cents on May 17 to $25.89.

Prices have just dipped below the 50-day moving average. Quarterly momentum has turned down.

ADX and DIs have turned negtive, and 21-day RSI is in steep retreat. Immediate support is at the $24.70 and $25.11 range.

Unlike the STI, DBS’s volume expanded as prices fell, and contracted on the rebound, which indicates more selling pressure than buying demand.

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