• Sun
  • Dec 21, 2014
  • Updated: 12:01pm
Chart Book
PUBLISHED : Monday, 21 July, 2014, 3:18am
UPDATED : Monday, 21 July, 2014, 3:18am

Chart of the day: Singapore rally set to stall

BIO

Nicole Elliott is a technical analyst with 32 years experience of financial analysis working for some of the world’s biggest investment banks. Her key expertise is in foreign exchange, interest rate products, bullion, indices and commodities markets. Nicole is a regular TV commentator on financial markets and has authored books on technical analysis for financial professionals. She has a BSc from the London School of Economics.
 

Singapore’s benchmark Straits Times Index has risen steadily after bouncing from the psychologically-important 3,000 points level in the opening weeks of this year. But it has done so on steadily declining trading volume. This divergence is not a bullish signal. Meanwhile, major resistance, dating back to 2007, sits at 3,310 and a 78.6 per cent Fibonacci retracement from the record high at 3,900 comes in at 3,380. This all adds up to the risk of a stall very soon, though a dip back to 3,000 would be a buying opportunity given the long-term support trend.

Nicole Elliott is a technical analyst

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