2:00 PM
Admin
Market Forecast for week ahead:
- STI made its 5 year high this week, and closed near to 3350 levels, which is a good sign for further up trend.
- From the last 3 month STI was in consolidation phrase facing strong resistance @ 3300-3320 levels and cant able to sustain above this level, but this week STI crossed its resistance and closed well above this mark.
- STI trading above its 61.8% retracement level and crossed all the major resistance to jump next level i.e. 78.6% 3383-3400 mark.
STI
Resistance:
- STI having Resistance @ 3380 and above this level it may take resistance from 3400-3425 levels.
STI
Support:
- STI having nearest support @ 3320 below this 3290-3260 will be the support area for market.
Technical
Indicators:
Technical
indicators are giving mixed impression, MACD looking bearish, RSI
trading above its centreline @ 70.208 and CCI also turning to
positive and trading @ 110.060.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
3320
|
3290
|
3260
|
3380
|
3400
|
3425
|
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