Singapore’s Straits Times Index has been flirting with its 50 day moving average. The index has moved below the 50 day moving average on several occasions only to stage a rebound to close above it. The 50 day moving average is now at 2668 and this will be a critical support level going forward.
The phase chart is now back in “Bullish” phase although it went into “Warning” phase in the first 2 weeks of November.
The index is also showing difficulty in moving above 2740 level. Break above 2740 will mean a target objective of 2900. Let’s see if the bulls can keep the rally going.
