SINGAPORE (Mar 29): The Straits Times Index stayed remarkably stable despite volatility in global markets. Its level is unchanged week-on-week. The 50-day moving average is also unchanged at 3,217. Although quarterly momentum continues to drift sideways, the increasingly positive stance of the moving averages is likely to support the index. ADX continues to fall and is at a one year low, at 10. This suggests that prices are likely to remain within a narrow range.
Short term stochastics has turned up from the bottom of its range, and 21-day RSI has bounced off a support at its equilibrium line. The range is likely to remain between 3,190 and 3,286. Support is at the breakout level of 3,190.
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