STI inches higher towards upside objective while HSI drifts lower

The Straits Times Index inched painfully higher week-on-week in the week of Nov 15-19, gaining three points. However, that places the index above a breakout level at 3,200, and above its moving averages, with the highest of them, the 50-day moving average at 3,151. The break above 3,200 indicates an upside of 3,345. As of Nov 19, quarterly momentum is on an uptrend, and supportive of a firmer phase ahead. Although the DIs are positively placed, ADX is falling, and this may stymie gains. Support is at the breakout level.