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Tuesday, January 15, 2013

STI Singapore Market Forecast 16-Jan

Market forecast:
Today STI breached its support level of 3200 and took support at below its next level for 3185 and closed below the 3200 mark.

STI previously trading in a channel called bullish channel from the last 3 trading session it traded below the channel and looking more bearish and can took support @ 3150-3140 levels in coming days.

STI now crossed this channel and traded below this level which will be the cause of more bearishness in the market. If STI will able to move above the upper level of channel than it will move further upside.

STI having immediate support @ 3180 level and below this level it can take support @3150-3130 will be the support zone for STI.

STI having immediate Resistance @3215 and above this level it may take resistance @ 3230-3245 levels.

Technical indicators:
Technical indicators are seems to overbought zone on charts.

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