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Market Reviews:
Straits
Times index has risen nearly 9 % so far this year and hit a streak of
five-year highs.
STI
opens flat @ 3452.79 and then made day high @ 3458.04, but cant able
to sustain this level and made day low @ 3443.86 and finally closed
with recovery @ 3454.23 with gain of 4.93 points up by 0.14%.
Some
2.95 billion shares, valued at S$1.42 billion were traded. Gainers
outnumbered losers 267 to 198.
Market
forecast:
STI
movement is going to be slow day by day as it is @ higher side. so we
can see little upside movement in STI and every day it made high
today it made high @ 3458.04 level.
Today
STI formed a candlestick pattern called high wave spinning top,
candlestick
with a long upper shadow, long lower shadow and small real body are
called high
wave spinning top.
One long shadow represents a reversal of sorts; high wave spinning
top represent indecision.
The
small real body shows little movement from open to close which is
true in case of STI and the shadows indicate that both bulls and
bears were active during the session. Even though the session opened
and closed with little change, prices moved significantly higher and
lower in the meantime. Neither buyers nor sellers could gain the
upper hand and the result was a standoff. After a long advance or
long white
candlestick,
a
high wave spinning top indicates
weakness among the bulls and a potential change or interruption in
trend.
Support:
STI having
immediate support @ 3440 level and below this level it can take
support @3425-3405 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3465 and above this level it may take
resistance @ 3480-3500 levels.
Technical
indicators:
Technical
indicators MACD, RSI trading above centreline @ 71.94 are in positive
mode and CCI currently traded @ + 94.90 levels.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3440 | 3425 | 3405 | 3465 | 3480 | 3500 |
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