Technical Analysis
Ernest’s market opinion (18 Aug 17)
By Ernest Lim's investing blog  •  August 21, 2017
Dear all Our STI has broken a one-month trading range of around 3,288 – 3,348. Where will STI and the other indices go from here? S&P500 last closed 2,426 Based on Chart 1 below, although 20D exponential moving average (“EMA”) is trending lower, the other EMAs, namely 50D, 100D and 200D EMA are still trending up. RSI closed at 37.2. Since 7 Nov 2016, the lowest RSI was around 35.9 on 10 Apr 2017. Although the directional indicators (“DIs”) are negatively placed, ADX is still at a low 12.2 which is indicative of a trendless market. My personal view is S&P500 should find good supports around 2,404 – 2,419, coupled with the relatively low RSI. A sustained break below 2,404 (albeit very unlikely in the near term) negates S&P500’s (tad) bullish chart. Near term supports: 2,416 – 2,419 / 2,404 / 2,393 – 2,395 Near term ......
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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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