8:42 PM
Admin
Market Reviews:
STI markets rose Thursday as
investors welcomed the US Federal Reserve's decision to keep its
stimulus scheme in place, with its view the economy was growing
modestly soothing fears over the programme's future
Today STI opens higher @3244.23
and then made day high @ 3256.60, but faced resistance at higher
level and fell down at the level of 3234. Finally closed @ 3243.29
with gain of 21.36 points up by 0.66%.
Some 2.61 billion shares, valued
at S$1.14 billion were traded. Gainers numbered 225 while losers
numbered 209.
Market
forecast:
STI
trading below its up slopping supports line; today it traded lower
levels and closed just near to resistance @ 3250.
STI
forming candlestick pattern called Spinning
Top,
Candlesticks
with a long upper shadow, long lower shadow and small real body are
called spinning tops. One long shadow represents a reversal of sorts;
spinning tops represent indecision. The small real body (whether
hollow or filled) shows little movement from open to close, and the
shadows indicate that both bulls and bears were active during the
session. Even though the session opened and closed with little
change, prices moved significantly higher and lower in the meantime.
Neither buyers nor sellers could gain the upper hand and the result
was a standoff. After a long advance or long white candlestick,
a spinning top indicates weakness among the bulls and a potential
change or interruption in trend. After a long decline or long
black candlestick,
a spinning top indicates weakness among the bears and a potential
change or interruption in 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 @ 3220 level and below this level it can take
support @3195-3180 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @32650 and above this level it may take
resistance @ 3275-3290 levels.
Technical
indicators:
Technical
indicators MACD turn to bearish , its
14-day RSI is in recovering mode and closed @ 54.57 and CCI recovers
again and trading @ 63.07
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