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Upmove gathers momentum

Goola Warden
Goola Warden • 1 min read
Upmove gathers momentum
SINGAPORE (Sept 7): Overall, strength could be returning to the markets, as evidenced by the rebound by the Straits Times Index accompanied by an expansion in volume on white candle days. Quarterly momentum rebounded and is attempting to break above its e
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SINGAPORE (Sept 7): Overall, strength could be returning to the markets, as evidenced by the rebound by the Straits Times Index accompanied by an expansion in volume on white candle days. Quarterly momentum rebounded and is attempting to break above its equilibrium line.

Short term stochastics has turned up and looks set to continue its ascend. Similarly, 21-day RSI has also turned up decisively. The -DI has turned down after a negative divergence, a positive sign for the STI.

In the very near term, the black candle on Friday Sept 6 could cause a mild retreat. Following the retreat, prices should continue to move higher. Immediate resistance appears at 3,212.

Support has been established at 3,081, which was the closing low on Aug 29. During the session, the index fell to an intra-day low of 3,040, levels which are being established as temporary floors.

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