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STI breached its up slopping lower trendline and closed below this level which is bearish sign, also it took support @ 3250 levels which is strong support for market.
STI is in intermediate consolidation or correction phrase and we can expect some more point’s correction in it which will be healthy for new investors who want to enter in the markets.
STI made Hikkake bearish candlestick pattern the bearish hikkake is supposed to be a bearish candlestick, but it can act either as a reversal or continuation of an existing price trend.
Hikkake’s based on a confirmed bearish hikkake pattern shown in the figure to the right. That includes the 3-bar hikkake and up to 3 additional days for confirmation. However, all of the numbers assume that confirmation occurs when price closes below the bottom of the 3-bar candle or above the top of the 3-bar hikkake pattern. That is how the performance of all other candlestick types measured.
STI Resistance:
STI having Resistance @ 3300 and above this level it may take resistance from 3320-3345 levels.
STI Support:
STI having nearest support @ 3250 below this 3240-3220 will be the support area for market.
Technical Indicators:
Technical indicators give the impression of being in overbought zone.MACD gives bullish cross over and RSI rebound from high and trading @ 66.57 mark.
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