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Straits Times Index rebounds sharply but temporarily as risk-free rates decline

Goola Warden
Goola Warden7/22/2022 07:55 PM GMT+08  • 2 min read
Straits Times Index rebounds sharply but temporarily as risk-free rates decline
STI rebounds sharply to above the 50-day MA as risk-free rates fall, but this trend may be temporary
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Technically, the chart of the Straits Times Index has improved, as the STI ended the week of July 18-22 up 82 points, at 3,181, taking the index above its 50-day moving average at 3,159, and the resistance level of 3,160.

Quarterly momentum, which was showing a positive divergence with the STI in the week of July 12-15, has continued to rise. On the other hand, annual momentum remains at the low end of a two year range; and the 100-day and 200-day moving averages are poised for a negative cross on July 26 at 3,230.

Since indicators are mixed, the upside for the current rally is likely to be at 3,230, while support remains at 3,095.

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