Dear readers, currently the benchmark of the Singapore stocks markets, the Straits Times Index (STI) is right at its 200-Days-Moving average. This may not be surprising to investors as the STI has been testing its 200-Days-Moving average many times since Jun 2023 and has been since consolidating on a larger trend.
What is noteworthy is that, based on my technical analysis, of the 30 STI constituent stocks, 22 STI stocks are currently trading below their 200-Days-Moving average. And this left only 8 STI stocks trading above their 200-Days-Moving average.
These 8 STI stocks are:
DBS stock
OCBC stock
UOB stock
Keppel Corporation stock
OCBC stock
Sembcorp Industries stock
ST Engineering stock
Venture stock
YangZiJiang stock
Among the above 8 stocks are the 3 biggest bank names in Singapore and they are the top of the pack as compared to the other 5 STI stock, their price are at the highest premium above their 200-Days-Moving averages.
I would label these 8 STI stocks as the “Kingpins” of the Singapore stocks markets right now for they are the ones that seem to me to be “holding up” the Singapore stocks markets.
Likewise, investors would have to be on the alert for the broader change in the stock markets backdrop should more or all of the 8 above STI stocks turn the other way in trend to below their 200-Days-Moving average. When this happens, I believe it signals a longer downturn of the Singapore stocks markets.
That’s it for my insights today. I Thank you once again for your support of SG STOCKS INVESTING, your Money and Lifestyle magazine! I also run another blog Singapore Stocks Investing with similar useful insights! Connect with me here to follow the daily exciting and useful posts on these two blogs, Thank You for your support!
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