trend of the STI

above is an end-of-day daily chart of the STI. The STI is surprisingly resilient; we have had 2 triple digit losses in the DOW, but each time, after opening down, the STI recovered rather substantially. It was no different today. After opening down, it rallied hard on news that the China PMI data was better than expected, before selling off again on news that the Eurozone's PMI data was worse than expected. We have traded sideways since October, with support at 3020 and resistance at 3063. Support was only tested once, but resistance has been tested three times. It would appear now that support is strong, and that it is only a matter of time before resistance is broken. Momentum is slowly shifting to the upside, as can be seen by the green bars on the MACD. Longer term trend is still up. So it looks like aggressive investors can buy on dips with tight stops, while more conservative ones can wait for the STI to break out of 3063 (as a confirmation of an uptrend) before going long.

Key levels and direction of the STI

Above is an end of day daily chart of the STI. So where is the STI headed? Long term trend is up, but it looks increasingly that it will come down sharply first. Look at the MACD - the momentum has been falling since July 2012 while the price is going up - something called a bearish divergence. I believe this is the result of money being pumped into the economy without any real increase in company's profits/earning. Resistance is now at about 3066. Some support at 3020, but if that is broken, next support is at about 3000. Strong resistance is at 3088.

key levels for STI, noble group and Genting SP

Daily chart of STI. Uptrend is still being maintained, but momentum is still dropping. This is a sign of a big move coming; not sure if it will be up or down. STI opened strongly, but sold off in the afternoon to close only 3 points above yesterday's close. We are still unable to close the gap. Support is at 3020, near term resistance is at 3063, then 3088.

Noble group is breaking out of support at 1.27 and is hitting resistance at 1.335. The trend is up, and I expect it to test 1.38 soon. Strong support is at 1.27.

Genting SP looks to have found support at 1.31. Overall trend is still down, but momentum is rising. Resistances are at 1.36 and then 1.45.

key levels of STI, noble group and capitaland

Above is a daily chart of the STI. The technical picture is mixed. The trend, as indicated by the moving averages, is up. However, the momentum, as indicated by the MACD, is reducing, and a sign of this is that the price action is getting quite choppy. The STI made a new high only two days ago, but profit taking has quickly set in and the upward momentum could not be sustained. Key levels to watch for are support at 3034 and resistance at 3114. There is negative divergence between the STI and its MACD, and this is normally indicative of near term price weakness.

Above is a daily chart of NOBLE GROUP. The trend changed from down to up in Mid july 2012. It appears to be consolidating now for another push higher. Support is about 1.27, but there are quite a few resistance levels. They are at 1.32, 1.34 and finally 1.38.

above ia a daily chart of Capitaland. It doesn't seem to have clear support and resistance levels, but the general direction of the trend is a pretty strong uptrend. Momentum is also declining, but there seems to be pretty good support at about 3.15. Resistance is about 3.30.

key levels for STI, noble group and golden agri

We are now 12 days into a sideways market, which has retraced about 50% to 3040, before rebounding strongly and settling above 3051 over the past 3 sessions. Longer term trend is still up. Key support is at 3040, key resistance is at 3088.

Noble group's price pattern is similar to the STI, but stronger. It has been drifting lower since the huge gap up from 1.28 to 1.31. That gap remains unfilled and is acting as a strong support. Key resistance is 1.38.

Golden Agri has been a huge disappointment after it released convertible bonds. The trend has been down since then. Support is now at 0.63, with resistance at 0.675.