7:58 PM
Admin
Market
Review:
After
8 straight days uptrend, STI closed lower on for the second day after
bullish run.
STI
opens 3162.55 levels and then it made a day high of 3172.55, but
faced resistance @ this level and then fell down and took support @
3158.99 levels. Finally closed @ 3156.79 levels with loss of 1.91
points down by 0.06%.Volume
were 1.95 billion shares worth S$1.02 billion. Losers outnumbered
gainers 260 to 182.
Market
forecast:
STI
opens above 3160 levels and made a new high of 3172.55, but faced
resistance @ this level and fell down. But today it trades in a lower
high and higher low pattern.
Today
STI formed a candlestick pattern called A
shooting star
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.
STI
having next hurdle @ 3180-3220 levels, STI trades above its 76.4%
retracement level from its all time high of 3313 and low of 2521.95.
STI
is in bullish phrase as it is trading above the resistance levels and
if it will maintain above the 3110 mark it can move further upside.
Support:
STI having
immediate support @ 3140 level and below this level it can take
support @3120-3095 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3180 and above this level it may take
resistance @ 3200-3220 levels.
Technical
indicators:
Technical
indicators are seems to recover from lower levels on charts.
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