Weekly Technical view on STI 10 May 2013

Figure: 1, Period: Weekly

Support 1	Support 2	Support 3	Resistance 1	Resistance 2	Resistance 3
3400	3380	3350	3470	3500	3550

STRAIT TIMES WEEKLY WRAP
OPEN	3381.28
HIGH	3445.39
LOW	3376.77
CLOSE	3443.77
CHANGE (In Points)	+73.87
% CHANGE	+2.15%

Weekly Technical view on STI

Weekly wrap of STI:

Singapore's Straits Times index performed admirably in this week, continually traded in uptrend and crossed its 3400 mark since January 2008.

STI opens @ 3381.28 marks and then it made week low @ 3376.77 levels and after taking support at that level STI crossed previous week high i.e. 3405.09 and made its new high i.e. 3445.39 level. Finally STI closed @ 3443.77 levels near to weekly high with gain of 73.87 points up by 2.15% wow basis.

Market Forecast for week ahead:

• STI continues the same upward rally for 3^rd week, after crossing the 3320 mark. This week STI crossed 3445 mark after January 2008 and closed above its 78.6% retracement level.

• After 3 month of consolidation STI finally crossed 3320 mark which was multiple resistance level and after crossing this hurdle it’s very easy for STI to cross 3400 mark. STI trading above its 78.6% retracement level and maintain this.

• As STI crossed its 3400 -3440 mark which were unexpected and sudden also. As it closed well above 78.6% retracement level so next level comes @ 3470.

STI Resistance:

• STI having Resistance @ 3470 and above this level it may take resistance from 3500-3550 levels.

STI Support:

• STI having nearest support @ 3400 below this 3380-3350 will be the support area for market.

Technical Indicators:

Technical indicators are giving bullish impression, MACD give its bullish crossover, RSI trading above its centreline @ 77.22 and CCI also turning to positive and trading @ 247.35.