Singapore Stocks- STI Technical Analysis Review and Market Forecast

Market Review for STI:
Straits Times Index opened lower on Tuesday, following the retreat in equity markets in Tokyo, the US and Europe after the Shanghai stock exchange suffered its largest one-day fall of 8.5 per cent in eight years on Monday which sparked concern about global economic growth.
STI ended 32.33 points or 0.98 % lower to 3281.09. Singapore stocks traded in negative territory at midday, in line with broad declines in other Asian markets. STI came off from its intra-day peak of 3306.63 and low of 3277.13.
Singapore's central bank will probably hold off from further monetary easing at its next policy review in October.

STI Day Performance
Open	3305.63
High	3306.63
Low	3277.13
Close	3281.09
Change(Points)	-32.33
% Change	-0.98%
Volume	2254.9 M
Rise	144
Fall	278
Unch	372

Market forecast for STI:
Straits Times Index has broken the support of 3295 and is expected move sideways. There is a short term support at 3265, it is likely to rebound from this level. However if it breaks this level it might further go down.

STI LEVELS
Support 1	Support 2	Support 3	Resistance 1	Resistance 2	Resistance 3
3265	3223	3200	3312	3346	3385

Technical Indicators:
RSI is below centre line at 38.575 and CCI is at -112.49. Difference line of MACD performed at -4.310 below its signal line which performed at -3.862.

Top Gainers			Top Losers
Scrip Name	CMP	%change	Scrip Name	CMP	%change
CHINA HONGCHENG	0.019	375	GREEN BUILD	0.255	-15
CHINA GREAT LAND	0.033	230	METRO	0.915	-8.5
CHINA ESSENCE	0.021	162.5	YZJ SHIPBLDG SGD	1.27	-3.42
CN15500MBECW150929	0.054	63.64	PETRA FOODS	3.25	-2.99
ZHONGXIN FRUIT	0.035	52.17

Important Factor for today:-

• European shares bounced in early trading on Tuesday after falling in the previous five sessions, with some strong company results and mergers and acquisitions news supporting the market.
• Chinese shares fell on Tuesday, as Beijing scrambled once again to prop up a stock market whose wild gyrations have heightened fears about the financial stability of the world's second biggest economy.
• Gold hovered near its weakest level since early 2010 on Tuesday, reflecting investor hesitation to bid up bullion amid growing expectations of a near-term hike in U.S. interest rates. The Federal Reserve begins a two-day meeting later in the day where policymakers are likely to signal that a rate hike later in the year is certain as the U.S. economy strengthens.
• Oil prices fell towards four-month lows on Tuesday, dropping for a fifth straight session on persistent worries about a global supply glut, while stock market sell-offs on both sides of the Pacific also rattled investor sentiment.
• Dollar firmed on Tuesday as cautious investors covered short positions ahead of the start of a two-day U.S. Federal Reserve meeting and as a continued slump in Chinese equity markets sapped appetite for riskier assets.
• Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) reported a 55% drop in second quarter net profit from a year earlier, on lower income from its oil and gas structure construction unit.
• Indonesia will impose a levy on palm oil exports starting on Thursday after weeks of delay, providing as much as 4.5 trillion rupiah this year to state coffers.
• Treasury yields decline for a fifth trading day on Monday, recording the longest losing streak since April 17, as investors seek safe assets during a global stock selloff led by a sharp decline in Chinese markets.