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Friday, January 18, 2013

STI Singapore - Market Forecast for Next Week

STI Technical Levels
Market Forecast for week ahead (21-25 Jan 2013):
  • As we mention in our previous report that STI were traded in straight & sharp upward trend and made a bullish channel and can breached this channel on daily chart and STI acted in the same manner it crossed this channel and made week low near the support level of 3150 @3160 mark.
  • STI maintain itself to close above the 3200 mark but it’s time to take cautious approach in equities as STI crossed the 3200 mark and made low of 3160 we can expect down rally till this level again in comings days if STI can’t sustain above the 3200 mark.
  • For the coming week STI look volatile, because it is trading above the last 2 years higher level of 3200 ,so can face some pressure to maintain above this level and if hold itself above this than we can see the 3300 mark soon.
STI Resistance:
STI having Resistance @ 3230 and above this level it may take resistance from 3260-3285 levels.

STI Support:
STI having nearest support @ 3185 below this 3160-3140 will be the support area for market.

Technical Indicators:
Technical indicators give the impression of being in overbought zone. MACD gives bullish cross over and RSI move above its centreline area @ 66.37.

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