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Market Review:
Singapore Equities slipped after 3 continuous surges, following a sell-off on Wall Street fuelled by US housing data that raised concerns about the Federal Reserve's stimulus programme.
STI opens lower @ 3264.97 and traded lower whole day, breached all major support levels and took support @ 3232.94 and finally closed near to lowest level @ 3235.68 with loss of 39.08 points down by 1.19%.
Some 3.84 billion shares, valued at S$1.39 billion were traded. Gainers numbered 211 while losers numbered 254.
Market forecast:
After 3 days of up move STI sheds all gains in one day, STI faced resistance yesterday’s high and closed well below that level.
STI forming a long black candle which opens lower and whole day traded in bearish mode and finally closed lower , here STI made lower level same as day before yesterday and finally closed near the low, which shows highly bearish sentiment in market.
As we can see on daily chart STI formed a pattern which replicate like rising wedge and as per the pattern if STI maintain above its up sloping resistance line i.e. 3270 mark then we can see more upside move in the Index, and for other side if STI breached its up sloping support line @ 32303 mark then next support will come @ 3180 level and after that we can see bearish move in market.
Support:
STI having immediate support @ 3210 level and below this level it can take support @3195-3180 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3250 and above this level it may take resistance @ 3265-3280 levels.
Technical indicators:
Technical indicators MACD turn to bearish , its 14-day RSI is in recovering mode and closed @ 61.85 and CCI recovers again and trading @ 66.06
Singapore Equities slipped after 3 continuous surges, following a sell-off on Wall Street fuelled by US housing data that raised concerns about the Federal Reserve's stimulus programme.
STI opens lower @ 3264.97 and traded lower whole day, breached all major support levels and took support @ 3232.94 and finally closed near to lowest level @ 3235.68 with loss of 39.08 points down by 1.19%.
Some 3.84 billion shares, valued at S$1.39 billion were traded. Gainers numbered 211 while losers numbered 254.
After 3 days of up move STI sheds all gains in one day, STI faced resistance yesterday’s high and closed well below that level.
STI forming a long black candle which opens lower and whole day traded in bearish mode and finally closed lower , here STI made lower level same as day before yesterday and finally closed near the low, which shows highly bearish sentiment in market.
As we can see on daily chart STI formed a pattern which replicate like rising wedge and as per the pattern if STI maintain above its up sloping resistance line i.e. 3270 mark then we can see more upside move in the Index, and for other side if STI breached its up sloping support line @ 32303 mark then next support will come @ 3180 level and after that we can see bearish move in market.
Support:
STI having immediate support @ 3210 level and below this level it can take support @3195-3180 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3250 and above this level it may take resistance @ 3265-3280 levels.
Technical indicators:
Technical indicators MACD turn to bearish , its 14-day RSI is in recovering mode and closed @ 61.85 and CCI recovers again and trading @ 66.06
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