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STI has fallen 9 out of 10 sessions! (4 May 16)
By Ernest Lim's investing blog  •  May 4, 2016

STI has fallen almost 191 points, or 6.4% from 2,964 on 21 Apr 2016 to close 2,773 on 4 May 2016. The fall was mainly attributable to risk off attitude arising from the sharp surge in JPY due mainly to the surprise from Bank of Japan Meeting last Thurs; lacklustre corporate results and weak economic data from China and U.S. etc.

Based on Chart 1 below, STI has fallen below all the exponential moving averages which is not a good sign. Fortunately, there is no death cross formed at the moment. In addition, ADX closed at 18.7 which is still below 20, indicative of a lack of trend. RSI closed at 35, a three-month low. My personal opinion is that STI should find good support at 2,750 and strong support at 2,680 – 2,700.

Chart 1: STI fell 191 pts in the last two weeks

Source: CIMB ...

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By Ernest Lim's investing blog
I am an avid investor, trader cum remisier. I am a Chartered Financial Analyst® charterholder, as well as, a Chartered Accountant of Singapore. I have published articles on a wide range of topics on finance and investment, ranging from market / sector outlook, technical analysis and fundamental analysis etc.
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