9:04 PM
Admin
Technical
view on STI
|
STRAITS
TIME LEVELS
|
|
|
Support 1 |
3400
|
|
Support 2 |
3385
|
|
Support 3 |
3360
|
|
Resistance
1 |
3425
|
|
Resistance
2 |
3440
|
|
Resistance
3 |
3470
|
Market Review:
Singapore
shares rose to their highest in more than 5 years on today,
encouraged by global data and Wall Street's extended record run. The
Straits Times index rose 0.6 percent to 3,433.96, the highest since
January 2008.
STI
opens with good gap @ 3424.54 and then continuously traded in uptrend
and finally made say high @ 3434.49 and closed for the day near to
day high @ 3432.78 with gain of
Market forecast:
STI open with good gap and
crossed its yesterday high and made another new high after 2008 i.e.
3434.49 and also closed near day high @ 3432.78.
As we explain in our
previous report that STI crossed its resistance level which is also
breakout point of “Ascending Triangle”. So according to this
pattern more upward trend is expected.
Today
STI formed a candlestick pattern called “rising
window” this
candle formed as its lower level is above the previous high in case
of STI its true yesterday high was 3423.57 and today’s lower level
is higher than yesterdays high i.e. 3434.49 .
Support:
STI having
immediate support @ 3400 level and below this level it can take
support @3385-3360 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3425 and above this level it may take
resistance @ 3440-3470 levels.
Technical
indicators:
Technical
indicators MACD, RSI trading above centreline @ 72.42 are in recovery
mode and CCI currently traded @ + 146.36 levels.
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