9:20 AM
Admin
Market Forecast for week
This week STI closed near highest level of 3195.74, on the higher side. STI looking bullish on the charts.
STI trading above the 61.8% retracement level also the major Resistance of 3185. The next hurdle lies at the 3200 psychological resistance. On the downside, 3140 is still the immediate support, with the subsequent base pegged at the 3110 key resistance-turned-support.
For the coming week STI look volatile, because it is trading near the next resistance level of 3200 and face some pressure to breach this level if crossed the resistance then we can see the continue uptrend.
STI Resistance:
STI having Resistance @ 3210 and above this level it may take resistance from 3230-3255 levels.
STI Support:
STI having nearest support @ 3140 below this 3110-3065 will be the support area for market.
Technical Indicators:
Technical indicators give the impression of being in recovery mode. MACD gives bullish cross over and RSI move above its centreline area @ 66.16.
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