Daily Morning Note – 25 June 2018
WEEKLY MARKET OUTLOOK WEBINAR
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Straits Times Index – Daily timeframe – Bullish
– The strong bullish rejection off the 3270 support area on 22/06/18 succeeded in
forming a bullish reversal candlestick pattern, Dragonfly Doji signals a possible reversal
– For this rebound, the bulls should be targeting the 3340 resistance area followed by
For more information and additional disclosures, refer to the link here.
President Donald Trump doubled-down on his rhetoric on Twitter, calling on other countries to end all trade barriers or face a new round of retaliatory measures.
Major oil producers agreed at the OPEC meeting on Friday, to pump more crude to help reduce prices and prevent a supply shortage. This is a significant reversal of Opec’s strategy of curbing output over the past 18 months.
Oil prices surged as much as 5 percent on Friday following the OPEC deal. The actual output increases came in below some of the highest figures that had been discussed prior to the meeting. Iraq said the real increase would be around 770,000 barrels per day (bpd), or 0.8% of global supply.
Bitcoin erased its loss after setting a 2018 low earlier on Sunday. A week earlier, the Bank of International Settlements in Switzerland issued a report concluding that Bitcoin is ill-equipped to ever be a form of legal tender that could store value or handle the volume of transactions that are processed in the current financial system.
Citic Envirotech has won a 2.5 billion yuan (about S$515 million) ecological restoration contract in Meigu County, in China’s Sichuan province.
XMH Holdings expects to report a loss for the fourth quarter and twelve-months ended 30 April 2018. The Group provides diesel engine, propulsion, and power generating solutions for customers in the marine and industrial sectors.
Source: CNBC, Bloomberg, Channel NewsAsia, Reuters, The Business Times, PSR
Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research
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