Dear readers, the Singapore Straits Times Index (STI) closed at 3,139.47 last Friday (7 Jul 23).
At this level, the STI is Oversold, based on its RSI falling below 30. The current STI level is the same as mid Mar this year, or if you want further back in time, same level as Nov 2022. The most recent low that the STI has gone was in Oct 2022, back then the STI went below the oft-called psychological level of 3,000.
The 20-days-moving-average of the STI is still below its 200-days-moving-average, which suggests that the STI is currently still in a longer-term downtrend.
Since the double-top technical pattern from Feb to Apr 2022, each peak of the STI was lower before, again suggesting that any rebound of the STI is not sustainable.
The above outlook is for the STI overall, notwithstanding there will be some STI stocks that will do better than their peers.