9:03 PM
Admin
Market Reviews:
STI index's
opening gain was in line with similar bounces in Hong Kong, Japan and
Europe's opening, possibly as traders sought to position themselves
ahead of the US Federal Open Market Committee (FOMC) meeting
yesterday and today, and the US jobs report on Friday.
STI opens lower @ 3242.45 and then
it made day low 3226.45, and then recovers from that lower level and
made day high @ 3246.94. Finally closed @ 3221.93 lowest level of the
day with loss of 23.52 points down by 0.72%.
According to the Ministry of Manpower Unemployment rate in Singapore jumped to 2.1%.Preliminary estimates show that the seasonally adjusted overall unemployment rate was 2.1% in June 2013, up from 1.9% in March 2013 and 1.8% in December 2012.
Market
forecast:
STI
trading below its up slopping supports line; today it traded lower
levels and closed just near to support of 3220.
STI
forming candlestick pattern called Black
Marubozu pattern a characterized by a long black body, having no
shadows on either end and with an extremely strong bearish
candlestick pattern. Black marubozu shows that the prices moved down
all day long after the opening and the day closing at its lowest
level.
The black
marubozu pattern has low reliability.Reflecting only one day’s
trade with a potential to signal both continuation and reversal, it
must be used with other candlesticks for the confirmation of a trend.
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 @ 3230 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 @ 55.604 and CCI recovers
again and trading @ 61.71
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