SINGAPORE (May 24): The decline by Straits Times index slowed during the past five trading sessions.
Despite this, the index slipped below the 200-day moving average currently at 3,183.
At the same time, quarterly momentum has fallen below its equilibrium line and continues its decline.
ADX is rising, and the DIs remain negatively placed, confirming the weaker phase ahead.
Short term stochastics is at the bottom of its range and the indicator is attempting an upturn.
The bottoming out of short term indicators could slow down the decline further.
Since the old breakout level of 3,180 has been breached, the next support is at 3,012, the Jan 2019 closing lows.
Annual momentum has turned down and it too is likely to ease from current levels.
Venture Corp falls below 200-day moving average
Prices have fallen below the confluence of the 100-and 200-day moving average at $16.38 accompanied by a breakdown by quarterly momentum below its support and equilibrium line.
Support appears next near the Jan 2019 low of $13.09.
Elsewhere, DBS Group Holdings managed to find support at $25 and rebounded. The major support level stays at $24.70 and prices are likely to fall towards this support.
