Dear readers, let us take a look once again at the Singapore Straits Times Index (STI) stocks for the week ended 13 Nov 2020 to determine which STI stocks are oversold or overbought for the week.
Referenced to the table above, all the three banking stocks: DBS, OCBC and UOB stocks are overbought. This is not surprising given that the Straits Times Index itself is overbought.
While overbought equities does not necessarily translate to a southing of the equities next, from what I have noted before, an overbought Straits Times Index is likely to be met with a correction or southing in the near term. Investors of Singapore stocks, beware of this correction!
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