Right timing: STI struggles but uptrend intact

SINGAPORE (Dec 16): Here are two charts for our weekly technical analysis.

Straits Times Index (daily)
The STI ended the week at 3,416, down just 8 points. During the week, it touched a high of 3,468. As such, the continuation pattern persists.

The consolidation is further underlined by falling ADX and DIs positioned mildly negatively. Short term stochastics is falling and in mid-range. Quarterly momentum and the moving averages continue to rise. Of note is the rising 50-day moving average which has acted as an uptrend line, and is now at 3,387.

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