8:23 PM
Admin
Market reviews:
Singapore
equities opened lower today @ 3315 mark and traded in a very narrow
range of 3309.13-3318.02, after a zigzag movement finally STI closed
@ 3307.8 levels with loss of 13.97 points down by 0.42%.
Some
2.91 billion shares, valued at S$1.13 billion were traded. Losers
outnumbered gainers 285 to 147.
After
making all time high yesterday, STI opens lower today and traded in a
very narrow range of 9 points and closed lower.
As
yesterday STI formed a candlestick pattern black spinning top which
was formed after a uptrend and after uptrend this candle denotes
bearishness in market.
Today
STI formed a candlestick pattern look like “The Black Closing
Marubozu” is a single candlestick pattern characterized by its long
black body. It does not have a lower shadow but it has an upper
shadow. It is an extremely strong bearish candlestick pattern.
STI
cant able to sustain above its resistance level of 3320 and slips
below this mark and took support @ 3309 mark. Whenever STI sustain
above 3300 mark we can be bullish on it.
Support:
STI having
immediate support @ 3295 level and below this level it can take
support @3280-3260 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3320 and above this level it may take
resistance @ 3335-3350 levels.
Technical
indicators:
Technical
indicators MACD, RSI and CCI all are in recovering with today’s
move.
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