Technical analysis: SG Market Outlook – 3,200 resistance is impregnable November 1, 2021 435

The above table indicate the top 22 potential bullish stock within the local bourse. Distance of the 200 and 50-day moving average stays on average above 5%, indicating healthy upside. For those above 20% move, there is a chance of a mean reversion before carrying on to the upside.


Average Directional Index (ADX) stays above 20, indicating a strong and healthy trending situation. Out of the 23 stocks, we have shortlisted 3 potential counters that have the best outlook.   

The upside break above the pennant 2 weeks ago was initially a good sign that the bulls have returned. However, the sudden turn mid last week has caused STI to form a bearish pin bar. One can’t help to think that 3,200 psychological resistance is impregnable. There is a possible rebound at 3,160 support level and if it exhibits a strong bullish signal, then 3,200 will have a higher chance of breaking and closing above, ushering a bullish return.

The STI’s daily chart indicates an imminent correction after the Stochastic oscillator shows overbought crosses at 90 regions. The likely movement for the STI will find support at 3,162 immediate support zone before attempting to break and close above 3,200. Then followed by a correction towards the neckline resistance turned support zone at 3,106-3,125 region.

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