Dear readers, the Singapore Straits Times Index is currently Overbought. Not surprising since there are a number of Straits Times constituent stocks which are currently Overbought. These Overbought Straits Times Index stocks are: (1) Capitaland (2) City Development (3) Genting Singapore (4) Jardine C&C (5) JSH USD (6) Keppel Corporation (7) SATS (8) Sembcorp Industries and (9) UOL. There are no Oversold Straits Times constituent stocks.
The Straits Times Index ETF (ES3.SI) which tracks the Straits Times Index is also close to the Overbought region and is attempting a break above the 300-days-moving-average. The last time the Straits Times Index broke above the 300-days-moving-average in April this year, the Straits Times Index rallied for a month, could this feat be repeated again?
While I would like to see a rally in Singapore stocks, at this current level of the Straits Times Index (3,185) which is not too low either, I believe upside of the index is limited.
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