8:58 PM
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Market Views:
STI open with gap up and traded in the range and closed at
the same levels on which is opens.
Singapore share prices opened with gap of
almost 10 points @ 3248.91 and made high of 3255.96 then made a low 3242.80
after this it recovers and traded in the range and finally closed @ 3248.26
with gain of 3248.26 with gain of 8.31 points up by 0.26%Some 3.57 billion
shares, valued at S$1.47 billion were traded. Gainers outnumbered losers 373 to
121.
Singapore's Purchasing Managers' Index (PMI) dipped 0.8
points month-on-month to 49.4 in February. A
PMI reading below 50 indicates a contraction in the manufacturing economy.
Market forecast:
After crossing the major support of 3250 yesterday STI
today try to close above this level but fails to do the same and closed @ same
level as opens.
As we yesterday mention that STI crossed its double top
formation, we can see the neck line in graph, it’s not a perfect double top
formation but it almost same and also STI looking bearish on daily graph. So
today also STI closed below this level.
STI today
formed a DOJI candlestick pattern as the open and close should be equal in an
ideal Doji. However the real life is unfortunately not that simple. A Doji with
an equal open and close may be considered more robust but it is also rare in
the real life.
Now for coming days 3220 will act as a major support
zone because if STI break this level then it will be more bearish and can touch
3190 levels soon.
Support:
STI
having immediate support @ 3220 level and below this level it can take support
@3190-3160 will be the support zone for STI.
Resistance:
STI
having immediate Resistance @3260 and above this level it may take resistance @
3280-3300 levels.
Technical indicators:
Technical
indicators MACD, RSI and CCI all are in bearish mode. As we can see in the
chart, RSI trading below its centreline @ 45.733 and CCI closed @ -137.00
levels.
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