July 6, 2018 / 5:41 AM / 3 months ago

BUZZ-Singapore's Straits Times Index breaks support at 3,216 pts, sinks to 14-month low

** Singapore’s Straits Times Index breaks support at 3,216 points and hits its lowest since May 1, 2017

** Support is identified as the 38.2 pct Fibonacci retracement level of the uptrend from Feb 3, 2016 low to May 2, 2018 high reut.rs/2KSDJk2

** Index’s 50-day exponential moving average (EMA) broke below its 200-day EMA on Monday, forming a death cross, a bearish sign

** Index is in a strong downward trend with the trend intensity (TI) indicator showing a reading of 37; MACD is also negative and below its signal line

** Index's long-term wave pattern suggests it's in wave(E) of a five-wave triangular correction, and the wave (E) is expected to have three sub-waves reut.rs/2IXMo2P

** Usually, the wave (E) in a triangular correction breaches below the lower demand line, which suggests the index may fall up to 2,954 points in next six to eight months

** Comfortdelgro is the top pct gainer on the index this year with a 19.7 pct gain as of Thursday, while Yangzijiang Shipbuilding is the top loser with a loss of 40.5 pct (Reporting by Gaurav Dogra)

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