Friday, December 14, 2012
Singapore market (14 Dec 12)
Singapore market: may take a breather this morning, after US stocks retreated last night following a standoff in the Fiscal cliff negotiations. In the region, Kospi and Nikkei are -0.7% and -0.4% at 8.31am this morning. The technical outlook for the STI continues to look promising, following the breakout above the 3,111 resistance-turned-support. Nevertheless, the RSI and Stochastics indicators are starting to look very overbought, hence a slight pullback could be healthy and pave the way for a later upside move. Near term, see the STI moving within the 3,111 – 3,208 band.