While Dow Jones dived to near 2002 low in March, Singapore and Hong Kong markets was the only markets that did not fall to 2002 low level. These 2 markets also followed Dow Jones to rebound and enjoy a nearly 3 months of bull markets so far.
Do you think this bull uptrend market will continue on Singapore & Hong Kong markets?
Let’s look at Singapore Straits Time Index & Hong Kong Hang Seng Index today.
Singapore Straits Time Index
Singapore Straits Times Index (STI) was enjoying a good bull run in the past 3 months. Originally, I thought it would follow Dow Jones consolidation or it might even retrace down to the Fibonacci support. However, the market was so stubborn that it refused to fall. Instead, STI broke the resistance with a high volume last week. Now, the previous resistance of 2,280 now become a support. Plus, I am seeing the RSI has rebound on the 50% line suggesting that the bull run will continue. On top of that, 50d MA seem to be crossing upward on the 200d MA, which is another bullish sign.
In short, looking at the technical data, there might be at least one more round of bull run on Singapore market. As of how far it will move up, I can’t tell at this point of time. Instead, I will be monitoring closely to make sure that the market does not break the trendline support, otherwise, a retracement down to the Fibonacci support is unavoided.
Uptrend on Singapore Straits Times Index
Hong Kong Hang Seng Index
Hong Kong Hang Seng index (HSI) is sharing the same pattern and phenomenon as the Singapore STI. We saw a breakout on the resistance last week on HSI. RSI rebounded plus 50d MA is crossing the 200d MA as well.
These are bullish signal. The bull run will remain intact at least for now till the trendline is broken.
Uptrend on Hong Kong Hang Seng Index
Beware of Spill Over from Dow Jones
There are news that GM bankruptcy is unavoidable and the news might be annouced in this coming week as the restructuring deadline approach. The current market might have already discounted this news into the current market. Unless there are some shocking news which drag the market to fall, which will definitely affect the Asian market as well. This is just another point to take note of at this point of time.
DISCLAIMER: This information is used for learning purposes only. It does not constitute an offer or solicitation to buy or sell. You should do your own analysis on top of my postings.
Welcome back to InvestMoneyLab, you can now join our Facebook Friend of InvestMoneyLab to get a FREE Book by T. Harv Eker Now! You can also receive latest profitable trading system and stock picks for free in future. Thanks for visiting!
