8:21 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
index traded above 3400 mark whole day and finally closed well above
this level.
STI
opens with good gap @ 3393.59 and then continuously traded in uptrend
and finally made say high @ 3423.57 and closed for the day @ 3413.020
with gain of 29.86 points up by 0.88%.
Some
2.74 billion shares, valued at S$1.93 billion were traded. Gainers
outnumbered losers 291 to 145.
Market forecast:
STI open with good gap and
crossed its recent high and made another new high after 2008 i.e.
3423.57 and also closed above 3400 mark.
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 “White
Opening Marubozu” This
candlestick represents extreme bullishness and it is characterized
with a long white body that has an upper shadow but no lower shadow.
Indicates buyers controlled the price action.
The
day opens and prices continue to go up all day long without looking
back, thus forming a long white day with no lower shadow. However,
the day does not close at the high of the day, and thus creates an
upper shadow. It is generally bullish.
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 @ 69.68 are in recovery
mode and CCI currently traded @ + 137.34 levels.
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