SGX LIVE MARKET REVIEW Of Wednesday:

£ Singapore shares recorded their 6 straight day of gains today as they seem to be defying gravity, with traders enjoying another upbeat session.

£ Singapore opens and made day high in the early trades of 2964.61 and trades range bound and finally closed @ 2948.77 with moderate gain of 3.44 up by 0.12%

£ Singapore equities broke through a key resistance level of 2,960 this morning although it slipped back down to end the day at 2,948.8.

MARKET FORECAST For Thursday:

£ STI opens above 2945 levels and maintain itself above this level and closed @ day open @ 2948.77 levels, which is good for coming days.

£ As we previously mention in our report that technically STI looks bullish above 2910 levels and if maintain these 2945 level than this time we expect to breached its 3035 level soon.
£ STI formed a candlestick pattern a shooting star occurred it has a small real body near the bottom of the candle and a long upper shadow. During an uptrend which appears to be the case with STI, the long upper shadow indicates that the bears are gaining control and a top may occur.

SUPPORT:

£ STI having nearest support @ 2915 level and below this level it can take support @ 2900-2885 will be the support zone for STI.

RESISTANCE:

£ STI having Resistance @2965 and above this level it may take resistance @ 2985-3000 levels.

TECHNICAL INDICATOR:

£ Technical indicator MACD bullish on charts as it given bullish crossover, stochastic and RSI also showing bullishness on the charts.