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Singapore's Straits Times Index breaks resistance at 3,231; chart suggests more upside
[BENGALURU] Singapore's Straits Times Index breaks resistance at 3,231; chart suggests more upside.
Singapore's Straits Times Index has gained as much as 0.8 per cent to 3,250.27 points, the highest since Oct 3, 2018.
Index breaks https://fingfx.thomsonreuters.com/gfx/mkt/11/5345/5306/STI Technical Chart.jpg above a resistance at 3,117.57 points, the 100 per cent Fibonacci projection level of the uptrend from Oct 26, 2018 low to Dec 3, 2018 high (wave 1).
In the near term, index may find resistance at 3,265.31 points, the 114.6 pct projection level.
Index's wave pattern suggests, it is in the third wave, typically the longest one, of a five wave uptrend.
Trend Intensity (TI) indicator at 20 suggests, prices are trending upwards, MACD is positive and above its signal line.
Index has completed https://fingfx.thomsonreuters.com/gfx/mkt/11/2996/2980/STI Technical Chart2.jpg a five wave corrective pattern that started in Oct 2007, therefore, a long-term uptrend is expected in the coming years.
Index is up 5.87 per cent in the last one month as of Friday's close, compared with the MSCI's Asia-Pacific ex Japan local currency index's 4.3 per cent gain in the same period.