September 6, 2018 / 5:51 AM / 7 months ago

BUZZ-Singapore's Straits Times Index at 16-mth low, more downside seen -technicals

** Singapore’s Straits Times Index falls as much as 0.51 pct to lowest since April 2017

** Index broke below a support at 3,170.21 points on Wednesday, which is now acting as a resistance

** The 3,170.21 level is identified as the 38.2 pct Fibonacci projection level of the downtrend from May 2 high to July 6 low (wave A)

** Index’s wave pattern suggests it is in wave C of a three-wave correction; if wave C travels the same distance as wave A, it may lead to a fall of up to 2,882.6 points

** Index has its next Fibonacci support at 3,115.29 points, the 50 pct projection level

** Trend intensity indicator rises to 18, suggesting a downtrend; MACD is also negative and below its signal line

** Comfortdelgro is the top pct gainer on the index this year with a 13.64 pct gain as of Wednesday, while StarHub Ltd, down 43.5 pct, is the top decliner (Reporting by Gaurav Dogra)

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