Straits Time

Technical view on STI

STRAITS TIME LEVELS
Support 1	3360
Support 2	3340
Support 3	3320
Resistance 1	3400
Resistance 2	3415
Resistance 3	3430

Market Review:

Singapore shares rose on Monday as positive data from the United States instilled optimism and boosted investor confidence.

STI opens @3381.28 and then it slips down and took support @3376.77 after taking support STI made day high @ 3392.86 but cant able to crossed its recent high and closed @ 3382.29 with gain of 12.39 points up by 0.37% wow basis.

Some 2.14 billion shares, valued at S$1.39 billion were traded. Gainers outnumbered losers 256 to 187.

Market forecast:

Previous week were shown high liquidity in market but as it was 1^st day of week, market was quiet and didn’t see much movement and also cant able to cross 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 “Spinning Top Wave”, also called a High Wave candle, is candlestick that has an open and close price near each other which produces a small real body and colour is of no importance. They also have long upper and lower shadows that significantly exceed the length of the body. These types of candlesticks indicate indecision and subsequent consolidation.

Support:

STI having immediate support @ 3360 level and below this level it can take support @3340-3320 will be the support zone for STI.

Resistance:

STI having immediate Resistance @3400 and above this level it may take resistance @ 3415-3430 levels.

Technical indicators:

Technical indicators MACD, RSI are in recovery mode and CCI currently traded @ + 133 levels.