8:47 PM
Admin
Singapore
shares rose on Monday after Cyprus and the European Union agreed to a
plan to resolve the island's financial crisis.
STI
opens @ 3264.69 and then it traded higher side and made day high @
3278.380 and then closed with lose some points @ 3267.48 with gain of
8.91 points up by 0.27%.Some 5.21 billion shares, valued at S$1.29
billion were traded. Gainers outnumbered losers 288 to 153.
Singapore's
consumer price index rose a faster than expected 4.9 % in February
from a year ago. Economists polled by Reuters were expecting an
inflation rate of 4.1 % in February, up from 3.6 % in January.
Market Forecast:
Today
STI recovers
from the previous session and closed higher @ 3267.48, STI made day
high above 3275 levels but cant able to maintain this level.
With
the recovery from bottom level, STI formed a candlestick pattern
called “Shooting Star” The
Shooting formation is created when the open, low, and close are
roughly the same price. Also, there is a long upper shadow, generally
defined as at least twice the length of the real
body.
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 @ 3250 level and below this level it can take
support @3220-3190 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3285 and above this level it may take
resistance @ 3300-3320 levels.
Technical
indicators:
Technical
indicators MACD, RSI and CCI all are in recovering with today’s
move.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3250 | 3220 | 3190 | 3285 | 3300 | 3320 |
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