8:59 PM
Admin
Market Review:
Market
forecast:
Singapore
shares open lower today, but recover very well and closed above the
resistance level with gain.
STI
opens @ 3266.47 and then it traded higher side and made day high @
3288.53 and then closed @ day high with gain of 21.05 @ 3288.53. Some
3.69 billion shares, valued at S$1.33 billion were traded. Gainers
outnumbered losers 220 to 212.
Singapore
on a
year-on-year basis, manufacturing output contracted 16.6% in February
2013, partly attributed to lower activities over the Lunar New Year
period. Excluding biomedical manufacturing, output fell 16.2%. On a
three-month moving average basis, manufacturing output declined 4.9%
in February 2013, compared to a year ago.On a seasonally adjusted
month-on-month basis, manufacturing output declined 0.7% in February
2013 compared to January 2013.
The
general manufacturing cluster’s output contracted 11.5% in February
2013 on a year-on-year basis. The decline was registered across all
segments as many firms shut down during the Lunar New Year period.
Market
forecast:
Today
STI recovers
from the previous session and closed @day high of @3288.53 above the
resistnace level of 3285.
With
the recovery from bottom level, STI formed a candlestick pattern
called “White
Marubozu” it is a single candlestick pattern characterized with a
long white body having no shadows on either end. It is an extremely
strong bullish candlestick pattern.
White
Marubozu simply means that the opening price is equal to the low
price of the day and the closing price is equal to the high price of
the day. This shows that the buyers controlled the price action from
the first trade to the last trade.
Support:
STI having
immediate support @ 3260 level and below this level it can take
support @3240-3220 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3300 and above this level it may take
resistance @ 3320-3335 levels.
Technical
indicators:
Technical
indicators MACD, RSI and CCI all are in recovering with today’s
move.
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