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Market Reviews:
Asian markets were mixed on Wednesday after Cypriot lawmakers comprehensively rejected a plan to tax savings as part of a crucial
STI
opens with gap @ 3255.79 and after that recovers some point and made
day high @ 3265.85 and then again fell down and crossed 3250 levels
and made day low @ 3248.40 and closed @ this level with loss of 20.73
points down by 0.63%.Some
3.2 billion shares, valued at S$1.31 billion were traded. Gainers
outnumbered losers 254 to 186.
The
outlook for headline consumer price inflation this year remained
unchanged from the November survey, at 3.8%. But MAS core inflation,
which strips out private transport and accommodation prices, is
expected to come in at 2 %, down from the last survey's 2.2 % median
forecast
 |
| STI Singapore Technical Chart - Intraday |
Market
forecast:
STI
breached its support of 3250 and closed below this level @ 3248 mark,
which is a bearish sign. As previously it took support @3250.
Today
again STI opens with gap and formed a candlestick as previous day
only difference is color STI took support @ 3248 levels, previously
also it took support at the same level and reverse, but if it will
cross this level then its next support comes @ 3220 level.
Again
STI trading between the slopping lines, and now it is having support
@ 3240-3220 levels and for higher levels it’s necessary for STI to
maintain itself above 3320 mark.
Support:
STI having
immediate support @ 3240 level and below this level it can take
support @3220-3190 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3265 and above this level it may take
resistance @ 3285-3300 levels.
Technical
indicators:
Technical
indicators MACD, RSI and CCI all are in bearish mode with today’s
move.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3240 | 3220 | 3190 | 3265 | 3285 | 3300 |
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