9:18 PM
Admin
Market Reviews:
Singapore's stock markets slip below their
major support levels which were expected technically as in last week
STI crossed its 50 day EMA level.
Today STI opens with gap down @ 3192.26 and then just recovers few
points and made day high above 3200 mark @ 3202.100, over all the day
were bearish and STI made day low @ 3168.28. Finally STI closed @
3173.33 with loss of 24.20 down by 0.76%.
Volume
was 2.47 billion shares worth S$1.26 billion. Losers outnumbered
gainers 294 to 163.
Market
forecast:
STI
open well below 3200 mark, however it tries to trade above 3200 mark,
but it was not able to do the same and fell below 3180 level.
STI
formed a long black candlestick pattern which denotes a bearish
momentum ,it open lower from previous day and also closed well below
the previous day after making deep low for the day. It is a bearish
continuation pattern.
As we can
see on daily chart STI formed a pattern which replicate like rising
wedge and as per the pattern if STI can go down till 3065 mark which
is lowest mark of pattern.
Support:
STI having
immediate support @ 3150 level and below this level it can take
support @3135-3105 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3205 and above this level it may take
resistance @ 3220-3235 levels.
Technical
indicators:
Technical
indicators MACD turn to bearish , its
14-day RSI is in turning mode and closed below 50 and CCI also closed
lower @ -260.41
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