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Tuesday, December 18, 2012

Straits Times Index - Technical Outlook for 18 Dec

Market forecast:
STI opens above 3160 levels and made a new high of 3173.22, but faced resistance @ this level and fell down.

Now after 3140 level next hurdle for STI comes @ 3180-3220 levels, today STI crossed 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.

STI having immediate support @ 3140 level and below this level it can take support @3120-3095 will be the support zone for STI.

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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