SINGAPORE (Aug 6): The Straits TImes Index managed to break above its 50-day average decisively at 3,223. in the meantime, the 100- and 200-day moving averages are poised for a positive cross. The index’s upmove was accompanied by a breakout by quarterly momentum, and volume expansion. This should support a continud advance.
ADX has turned up from a low level, and the DIs are positively placed, further supporting the STI’s uptrend. Annual momentum is also turning up and has moved above its own momentum.
These indicators should continue to support a more sustained upclimb than has been experienced this year. The break above 3,190 indicates a target for 3,420, and this remains valid. Support is raised to 3,223.
