Straits Times Index - Market Outlook for 03-April

Market Reviews:
Singapore shares rose to their highest in more than 5 years today crossed its 3400 mark after January 2008.

STI opens with good gap @ 3378.19 and traded in the range till end of 1^st half and then took support @ 3369.65 and rebound from that level and crossed its 3400 mark. Made a day high @ 3405.090. Finally closed @ 3402.39 with gain of 34.210 points up by 1.02%.

Some 2.23 billion shares, valued at S$1.89 billion were traded. Losers outnumbered gainers 234 to 221.

Market forecast:

STI crossed its 3400 mark a closed above this level which is good sign. Above 3400 STI having Resistance @ 3445-3475 mark in between there is no hurdle for STI.

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 “long white candle” which denotes bulls are in power and it is a highly positive and continuation pattern by nature, also further candle will confirm the trend.

Support:

STI having immediate support @ 3380 level and below this level it can take support @3350-3335 will be the support zone for STI.

Resistance:

STI having immediate Resistance @3445 and above this level it may take resistance @ 3475-3500 levels.

Technical indicators:

Technical indicators MACD, RSI are in recovery mode and CCI currently traded @ + 225.156 levels.

Support 1	Support 2	Support 3	Resistance 1	Resistance 2	Resistance 3
3380	3350	3335	3445	3475	3500