9 Jan 2015

Weekly Technical Summary on STI, Singapore Market

In this week STI opening was not good First day closed by losing 42 points. Singapore shares retreated as oil prices continued to plunge on fears of falling demand in the midst of oversupply, marking a poor start to 2015's first full week of trading. Second day STI gave a gap down opening. Singapore shares remained weak as investor appetite across the region soured after steep falls in oil prices overnight renewed concerns that global growth might be more tepid than expected. Then came into correction mode ,traders remained nervous after oil prices hit new five-and-a-half-year lows and Greek political turmoil sent the euro skidding. Last day of the week gave gap up opening with 21 points.
STRAIT TIMES WEEKLY WRAP
OPEN
3368.38
HIGH
3372.34
LOW
3267.89
CLOSE
3338.44
CHANGE (In Points)
-32.15
% CHANGE
-0.96%
Market Forecast for week ahead: The trend of market is expected to be bullish for next week. STI formed hammer on the top of the chart. Currently we have seen unusual volatility in markets due to oil prices crisis and global economic tensions. Asian shares climbed for a third straight day following more advances on Wall Street, while bargain-buying helped oil recover slightly from its latest sell-off. We may see bullish really in next week trading session.
Technical Indicators: RSI is above the centre line which is supporting the uptrend for the week at 55.32 and CCI is also supportive at the level of 48.37. Trading Signals
Support 1
Support 2
Support 3
Resistance 1
Resistance 2
Resistance 3
3313
3280
3260
3374
3409
3440
Macroeconomic factors:
  • Singapore legal sector's guiding principle is to serve the people and it must also remain open to the region and the global community if it is to build a world-class legal infrastructure.
  • China has freed prices of 24 commodities and services, removing all price controls on agricultural products, among other reforms.
  • Demand for higher returns in Singapore bonds from the city's swelling private banking industry has brought with it greater risks. 
  • Singapore legal sector's guiding principle is to serve the people and it must also remain open to the region and the global community if it is to build a world-class legal infrastructure.
  • The online classifieds joint venture is now established between Singapore Press Holdings, Norway's Schibsted Media Group and Telenor Group, and South Africa's Naspers.
  • Singapore Shipping Corporation said it has managed to secure a US$16.5 million ($22 million) seven-year term loan financing facility with a leading Japanese financial institution.
  • Oil prices were heading for a seventh weekly loss on Friday, with key producers showing no signs of cutting output in the face of a global supply glut. 
  • China’s consumer inflation rebounded marginally to 1.5 per cent year-on-year in December, the government said Friday, as slowing growth in the world’s second-largest economy keeps a lid on prices.
Sector Allocation Chart by VOLUME
Sector
Volume
Values($)
Rises
Falls
Unchanged
Properties
140,187,950
216,273,670
28
22
36
Multi-Industry
31,776,000
94,566,644
1
7
9
Construction
45,630,000
5,333,810
11
6
24
Commerce
78,111,000
37,784,848
20
16
63
Hotels/Restaurants
1,437,000
786,911
4
2
11
Transport/Storage/Communications
130,512,340
182,734,180
18
13
19
Finance
34,645,400
300,250,347
14
10
22
Manufacturing
298,795,600
139,300,552
36
54
166
Services
479,315,820
133,599,249
33
48
76
Agriculture
46,469,000
26,691,906
3
2
4
Mining
22,654,000
6,179,907
5
2
6
Electricity/Gas/Water
810,000
929,425
0
2
0
Shares in Foreign Currencies
25,442,689
109,679,942
26
9
114
Total
1,335,786,799
1,254,111,391
199
193
550

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