The Hang Seng Index fell by 749 points or 2.5% in the past five trading sessions to end the week at 25,377. On the other hand the Strait Times Index ended the week at 3,198, down 7 points, or 0.2%. The STI has managed to move above its moving averages, which in turn are moving up in tandem.

See: STI susceptible to weakness in Hong Kong and China

During the week of Oct 18-22, the STI’s quarterly momentum moved above its own equilibrium line, and remains above this level as at Oct 29. ADX is flat but at a high level, which suggests that the index can attempt to gain ground in the week of Nov 1-5. If prices can clear 3,200 convincingly, an upside of 3,345 is indicated from the measuring objective. Support is at the confluence of the 50- and 100-day moving averages at 3,128.

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