8:58 PM
Admin
Weekly wrap of STI:
Singapore stock markets edged higher in light volume .STI gains this week more than 5 weeks high, after dovish comments from Federal Reserve chairman Ben Bernanke on the U.S. stimulus.
STI opens with good gap @3161.95 then it made weekly low of 3132.07 and after taking support at this level STI crossed its major resistance zone of 3258.21, and finally closed @ 3236.06 levels with gain of 66.33 points up by 2.04% wow basis.
Market Forecast for week ahead:
It’s a 3rd week where STI continue its recovery and gain. STI closed above 3200 mark and breached their 3250 resistance levels which were crucial mark for Index.
On a daily chart STI formed an inverted pennant pattern also crossed and maintain above resistance of 3220 and closed well above this level.
If STI breached almost 5 week high level and this is good sign for coming week, now we can expect more upward in STI.
STI Resistance:
STI Support:
STI having nearest support @ 3210 below this 3195-3160 will be the support area for market.
Technical Indicators:
Technical indicators are giving positive impression.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3210 | 3195 | 3165 | 3265 | 3295 | 3320 |
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