(Click on the Technical Chart Above to Expand)
It gives a possible glimpse to the plight of economies around the world. Remember, Singapore has for the past 3 decades been the number 1 barometer for the state of international trade and finance worldwide. Half the weight of Singapore Straits Times Index is made up of the 3 Singapore Banks of DBS, UOB and OCBC. As banks worldwide will be affected badly due to Covid-19 pandemic and, further to that, will go into hibernation winter due to FED's NIRP-ZIRP policy post-Covid, banks and Straits Times Index (STI) will be affected badly and go into long term winter as well. This makes banks and STI straight sell, both technically and fundamentally.
The tide has reversed. Coronavirus is a black swan now.
Next Target (due to large rounding top):
70.14% of 2525 points = 1771 points for Straights Times Index.