Dear readers, the Singapore stocks markets have been trending down recently. The Singapore’s Straits Times Index (STI) closed at 3,074.31 yesterday, down for the day by 0.79%. I am not at all surprised of the performance of Singapore stocks and the STI. I earlier shared with readers that a stock market corrections is already starting due to a technical indicator, re-read my post here. I also reminded investors that September is always not a strong month for equities.
Today, I have something more to share with you readers here.
Remember when Singapore stocks markets went down to a low in March 2020? From what I noted on the technical chart of the Straits Times Index right now, we are at a similar point right now and the STI could reach that level last noted in March 2020.
This is because, the STI is right down, just touching from above its 200-Days-Moving-Average (200DMA) and testing it. The last time the STI touched and test its 200DMA was in Feb 2020 where the STI failed and broke across below the 200DMA. The rest was then history as the STI went to a low as we noted in Mar 2020.
And we have some macro developments like risks of inflation in the US and China’s Evergrande debts that could serve as catalysts for southing of stocks.
Let us take advantages of the stock market corrections when they occur next!
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