Singapore Stock Market: STI Technical Analysis & Forecast

Market Review for STI: Straits Times Index (STI) opened 0.3 per cent higher with STI advancing 9.12 points to 3,368.29, as gold prices stemmed a slump. STI ended 2.1 points or 0.06% lower to 3371.40. STI came off from its intra-day peak of 3375.97 and low of 3360.12.Singapore stocks inched up at midday on lack of direction and interest.

Singapore’s inflation rate remained in negative territory in June, although it inched up to -0.3 per cent from -0.4 per cent in May due to larger increases in the costs of services, food and private road transport. Singapore's annual consumer prices fell for the eighth straight month in June, an outcome that could give the central bank room to ease policy if economic growth disappoints.

STI Day Performance
Open	3371.12
High	3375.97
Low	3360.12
Close	3356.4
Change(Points)	-2.80
% Change	-0.08%
Volume	2292.0 M
Rise	187
Fall	230
Unch	390

Market forecast for STI: Straits Times Index is expected to take sideways in next rading sessions. It has its resistance level at 3387, if it breaks this level it might go further up.

STI LEVELS
Support 1	Support 2	Support 3	Resistance 1	Resistance 2	Resistance 3
3345	3288	3247	3387	3437	3473

Technical Indicators: RSI is slightly above center line at 53.841 and CCI is at 94.946. Difference line of MACD performed at 2.257 below its signal line which performed at -6.699.

Top Gainers			Top Losers
Scrip Name	CMP	%change	Scrip Name	CMP	%change
FUXING CHINA	0.55	25	HSI25600MBEPW150730	0.082	-26.79
STARLAND	0.18	21.62	EASTERN	0.168	-25.33
RAFFLES UNITED	0.171	13.25	OCBC BK MBEPW151103	0.091	-22.22
CEFC INTL	0.28	12	HSI26400MBEPW150730	0.193	-16.09
LOTTVISION LTD1	0.405	10.96	REGAL INTL	0.22	-15.38

Important Factor for today:-

• Falling Chinese stock markets and the Greek debt crisis have raised concern about demand, while the Iranian nuclear deal could lead to higher oil exports from the Islamic Republic.
• Oil product inventories surged to their highest since at least 1999, signs that markets are struggling with a supply glut that could prompt refineries in the region to cut rates.
• US home resales rose in June to their highest level in nearly 8-1/2 years, a sign of pent-up demand that should buoy the housing market recovery and likely keep the Federal Reserve on track to raise interest rates later this year.
• European Economic and Monetary Affairs Commissioner Pierre Moscovici said creditor institutions were seeking to conclude talks with Greece on a third bailout in the second half of August.
• apan's economy is expected to expand at a slower pace in the second quarter than projected a month ago in the face of weak consumer spending and exports.
• China stocks rose sharply on Thursday, with the Shanghai Composite index up for the sixth consecutive session, led by blue chips, after the government reaffirmed its support for the market.
• European bonds rallied after Greece's parliament approved a second set of creditor-imposed reforms.
• Greek Prime Minister Alexis Tsipras on Thursday pledged his government would never allow banks to seize the primary residences of Greeks as parliament prepared to vote on a bill that toughens rules on foreclosures.
• South Korea's economy slowed in the second quarter, with consumer spending stifled by an outbreak of Middle East Respiratory Syndrome (Mers) and exports failing to lift from a lengthening slump.
• Oil prices were mixed in Asia on Thursday, with WTI stuck below US$50 a barrel after a rise in US stockpiles added to concerns over a supply glut, analysts said.
• Gold's fallen out of favor with investors as the Federal Reserve prepares to increase borrowing costs, boosting the dollar.
• Ringgit fell the most in more than two weeks as a decline in commodity prices erodes the outlook for Malaysia’s export earnings.
• Oil prices fell on Wednesday after US government data showed higher crude stockpiles, adding to concerns about a global supply glut.