Straits Times Index STI, seeking for a new haven | Stock Market Review | Singapore

Singapore bourse has strongly rebounded from the recent double bottom near Bollinger band 2920 and went past crucial 3000 level recently. This is past 2 moving averages and STI is poised to resume bullish trend. Next important resistance will be at 3150. Volume has been good but not among the highest and this serve to show some investors are still on the fence.

MACD is picking up healthy, RSI/STO is trending high on highs. ADX is reversing, with DI+ diverge from DI-. All indicators confirm recovery. There should be some minor correction next week towards overbought region, especially near 3150. Thereafter the sky will be cleared with 3220 as next resistance. Near term support still holds at 3000.

20110401 STI

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