8:30 PM
Admin
Market Review:
Singapore
stocks recovered on Thursday helped by a pick-up in Chinese factory
activity and a commitment by the U.S. Federal Reserve to its
aggressive stimulus stance, but others ended weaker weighed down by a
Cyprus bailout plan. Singapore recovering from the previous session's
two week closing low.
STI
opens @ 3248.93 and then recovers from that lower level, made day
high @ 3274.55, after making high it loose almost 10 points and
closed @ 3267.65 levels with gain of 19.25 points up by 0.59%.
Some
3.72 billion shares, valued at S$1.34 billion were traded. Gainers
outnumbered losers 265 to 159.
Today
STI recovers
from the previous session's 2 week closing low. STI yesterday made
low of 3248.40 and today also it opens @ this level and recovers from
that low mark.
With
the recovery from bottom level, STI formed a candlestick pattern
called “Tweezers Bottom”
occurs during a downtrend when bears continue to take prices lower,
usually closing the day near the lows (a bearish sign). Nevertheless,
Day 2 is completely opposite because prices open and go nowhere but
upwards. This bullish advance on Day 2 sometimes eliminates all
losses from the previous day.
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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