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Short-term sideways but rally could return

Goola Warden
Goola Warden7/17/2020 07:45 PM GMT+08  • 2 min read
Short-term sideways but rally could return
SINGAPORE (July 17): Week-on-week, the Straits Times Index slipped to 2,618, from 2,652. However, the chart pattern shows resilience. ADX is at 11, wiith the DIs neutral, indicating that a sharp move in either direction during July 20–24 is of a low pro
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SINGAPORE (July 17): Week-on-week, the Straits Times Index slipped to 2,618, from 2,652. However, the chart pattern shows resilience. ADX is at 11, wiith the DIs neutral, indicating that a sharp move in either direction during July 20–24 is of a low probability. Stochastics has turned down in mid-range, as has 21-day RSI.

On a positive note, the 50-day moving average — currently at 2,622 — continues to rise, but its pace has slowed this week (July 13–17), rising six points during the week compared with nine points in the previous week. The 100-day moving average is at 2,632 and looks set to meet with the 50-day moving average in the week of July 20–24 (next week). If the STI can rise above the confluence the these moving averages, it has the potential to strengthen a lot more.

Quarterly momentum has faded somewhat and has retreated towards a support level at its equilibrium line. The indicator should be able to hold at this level.

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