Dear readers, Singapore stocks markets benchmark indicator, Straits Times Index (STI), closed slightly higher yesterday at 3,249.66. Given that the STI closed at 3,123.68 on 31 Dec 2021, we could see that the STI has gained about 4% year-to-date this year. There are some interesting developments from the technical aspect which I would like to share with readers.
First, the STI crossed below the 200-Days-Moving-Average, for the first time in about 3 months on 8 Mar 2022 and closed at 3,148.86 (the last few times that the STI crossed below this Average was in Sep 21 and Dec 21). A crossing to the below of the 200-Days-Moving-Average is indeed bearish to many investors. On 8 Mar 2022, the STI was also technically oversold (RSI below 30)
However, I believe investors believed that there was an attractive entry setup with the STI on 8 Mar 2022 being oversold and below the 200-Days-Moving-Average. On 9 Mar 2022, the STI rebounded by 1.5% and went back to above the 200-Days-Moving-Average, followed up another gap up on 10 Mar 22 and closed again positively on 11 Mar 22.
Well, the above was the development of the STI from the technical standpoint. I believe stocks markets will continue to be volatile given current developments.
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