Since the gap down from July, STI has hardly recover.
Price range has ‘consolidated’ between range 2528 to 2900
Currently, from the Ichimoku chart, STI is trading below the kumo.
All signs point to a lower STI going into 2012.
1. Trading below kumo with resistance at 2714
2. Both Tenkan sen and Kijun sen pointing down
3. Leading kumo has twisted and the counter trend rally has failed.
Future trend suggest that it is heading downwards.
All 3 Singapore banks (UOB, DBS, OCBC) are in bearish territories in the Ichimoku charts.
If Singapore is a financial hub and the banking stocks is a reflection of the economy, then the charts are clearly showing the significant resistance ahead.
I expect tough times ahead in 2012.
UOB with support at $16.85 and resistance at $17.21
OCBC with support at $8.03 and resistance at $8.28
DBS with support at $11.77 and resistance at $12.21
The Ichimoku chart for Genting is very bearish.
The drop in May till now is steep; going down from $2.25 to 1.78
There is still no sign of consolidation for the price and heavy resistance can be seen from the thick kumo ahead.
Immediate resistance is at $1.94
On the Weekly Ichimoku chart, we can see possible good support at around $1.58 and that could be a good entry point.
