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Wednesday, October 31, 2012

Straits Times Index - Market Direction for 01-Nov 2012

Today also STI open and traded below its up slopping resistance line which was support line previously and touched its 50 day MA level.

As yesterday STI formed a Bullish Harami candlestick pattern and today opens higher which is technically right but faced resistance @ its 50 day MA level of 3047.66 and cant able to cross higher level.

STI is in consolidation phrase. Any either side movement above 3100 and below 3000 can decide the coming movement of the STI.

STI Support Level
STI having nearest support @ 3020 level and below this level it can take support @ 2995-2975 will be the support zone for STI.

STI Resistance Level
STI having Resistance @3050 and above this level it may take resistance @ 3065-3080 levels.

Technical Indicators
Technical indicators are look to loosing strength on charts.

 
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