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Posted on Fri 13 Nov 2020 / 20:36 GMT + 8 / Updated 1 day ago
Among the stocks that have moved above the resistances and the 50- and 100-day moving averages is Singapore Airlines, which closed at $ 3.83, hovering above the top of a base area at $ 3.59. at $ 3.82. SIA rose to a high of $ 3.92 before declining. Ideally, support is at $ 3.82, which implies that prices should rise from current levels when trading resumes in the week of November 16-20. The breakout above $ 3.82 indicates a rise of $ 4.25. The SATS was up 20 cents or 5.5% on lucky Friday the 13th. As such, prices may turn down after such strong gains, particularly as the Stochastic is peaking at the upper end of its range. Any withdrawal should find support at $ 3.28. This level represents a twice tested level that doubles as the top of a base formation. The break above this level that took place on November 9 indicates a rise of $ 4.04.
The rally in the Straits Times Index should continue as the index has risen above its key moving averages. During the week of November 9-11, the STI rose 133 more points, bringing the total the index has gained in the last 10 sessions to 288 points, ending at 2,711. The rally, supported by the increase in volume initially, has managed to push the STI above its 200-day moving average, currently at 2,640, a level that should now provide support. Resistance appears at the bottom of the breakout gap formed on March 9, at 2891. In the immediate term, short-term stochastics are approaching the upper end of their range and are beginning to peak. This, coupled with a minor drop in ADX, could bring the rally to a halt. Given that the quarterly momentum has broken through a resistance at its breakeven line and continues to build an uptrend, any pullback in the week of November 16-20 is likely to be shallow and temporary.
The rally in the Straits Times Index should continue as the index has risen above its key moving averages. During the week of November 9-11, the STI rose 133 more points, bringing the total the index has gained in the last 10 sessions to 288 points, ending at 2,711. The rally, supported by the increase in volume initially, has managed to push the STI above its 200-day moving average, currently at 2,640, a level that should now provide support. Resistance appears at the bottom of the breakout gap formed on March 9, at 2891. In the immediate term, short-term stochastics are approaching the upper end of their range and are beginning to peak. This, coupled with a minor drop in ADX, could bring the rally to a halt. Given that the quarterly momentum has broken through a resistance at its breakeven line and continues to build an uptrend, any pullback in the week of November 16-20 is likely to be shallow and temporary.
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