SingTel has been trading above its upward sloping 20-Day Moving Average which is a good sign. This has brought the price near to the resistance of 4.09 where we expect a good fight between the bulls and the bears. For the upside to continue, the resistance needs to be broken conclusively, preferably with high volume. The RSI indicator is giving a reading in the overbought region. While this is expected given the recent upward movement, it also gives a warning that the current movement may be over-extended.
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Straits Times has been trading above its upward sloping 20-Day Moving Average which is a good sign. The support and resistance level of Straits Times are 3311.44 and 3464.79 respectively. Based on the indicator analysis, the counter is primed for some price weakness as indicated by the RSI being in the overbought region.
Commentary Based on Daily Chart (31 Jul 2014)
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