Right timing: Major blue chips break support as STI drifts lower

Right timing: Major blue chips break support as STI drifts lower

By: 
Goola Warden
22/12/18, 04:46 am

SINGAPORE (Dec 22): The Straits Times Index ended the week below its 50-day moving average, currently at 3,068. Quarterly momentum has retreated and appears poised to fall below its own moving average.

The 21-day RSI continues to retreat. ADX which had been falling, has flattened. DIs are negatively placed. When ADX turns up, the STI could fall towards its Oct 26 intra-day low of 2,955.

Annual momentum continues to decline and this is likely to restrain rebounds and keep the index below its 200-day moving average.

Venture Corp breaks below sideways range

Venture Corp made a another new one year low of $14.48 on Dec 21, breaking below a several times tested support at $14.50 to $14.61. The breakdown, coupled with a simultaneous breakdown by quarterly momentum below its support and moving average suggest lower levels are likely. The next important support appears at $12.40.

Keppel Corp makes new one-year low

Keppel Corp fell below the several times tested $6.08 level on Dec 19. Volume expanded on the breakdown, an indication of selling pressure. At the same time, quarterly momentum broke below its support and moving average. ADX has turned up and DIs have turned sharply negative, an indication that prices could fall. In this event, support is at the major support area established in 2016 at the $5.08 to $5.20 level.

Treasure hunting

British collector and expert Harry Fane talks about what it takes to be the world’s foremost authority on vintage Cartier creations and how to spot a good investment buy at his Vintage Cartier Tank watch exhibition at Dover Street Market Singapore (May 20): Harry Fane’s love affair with Cartier began at the tender age of 17. It was the 1970s and his best friend showed up one day, decked out in two must-have items of the era: a pair of Gucci shoes with a gold buckle — “the height of fashion at the time” — and a Cartier watch. “I remember going, ‘Gosh, I really want both of....
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Next stop: The interchange of public and private good

SINGAPORE (May 20): Two-minute intervals between trains. Fewer breakdowns. Clean, new buses running at a higher frequency. Bright LED screens displaying details of stops on both buses and trains. To many commuters who are enjoying these benefits, the meltdown of Singapore’s transport system in December 2011, and again in July 2015, is a distant memory. Certainly, services have improved significantly. There are new trains and buses, while existing ones have been spiffed up. There has been an overhaul of the older rail systems, presumably including fixing the grips for the electricity rail ....
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Failed Innopac deal portends mining magnate Gutnick’s woes in Australia

SINGAPORE (May 20): The Australian Securities and Investments Commission (ASIC) is seeking judicial permission to wind down mining company Merlin Diamonds. The regulator is also probing into whether its chairman Joseph Gutnick failed in his duties. Gutnick, who is known as “Diamond Joe”, is under investigation for a A$13 million ($12.3 million) loan made by Merlin to AXIS Consultants, a private company linked to him. Merlin shares have been suspended from trading since October 2018. ASIC is seeking an order to appoint Deloitte to liquidate Merlin, owner of the Merlin Diamond Mine Pro....
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