Singapore Stock Market Forecast For Week Ahead - 22-26 April

Market Forecast for week ahead:

• It’s a 2^nd consecutive week where STI closed in loss, and below its 3300 mark which is bearish signal.

• STI formed a candlestick pattern called “High Wave Spinning top” is candlestick that has an open and close price near each other which produces a small real body and colour is of no importance. They also have long upper and lower shadows that significantly exceed the length of the body. These types of candlesticks indicate indecision and subsequent consolidation.

• The STI has been trading between 3,250 points to around 3,320 points for almost 3 months since then despite the US market surging ahead with record-breaking feats.

• A fall to 3,250 points and below will probably trigger more selling with the next support zone found only at 3,110-3,150 points.

STI Resistance:

• STI having Resistance @ 3320 and above this level it may take resistance from 3335-3350 levels.

STI Support:

• STI having nearest support @ 3260 below this 3240-3220 will be the support area for market.

Technical Indicators:

Technical indicators are giving mixed impression,MACD looking bearish,RSI trading above its centreline @ 64.699 and CCI also turning downward and trading at 55.535.