8:12 PM
Admin
Market Reviews:
Asian stock markets were mixed on Monday, amid on going
uncertainty over the timing of the Federal Reserve’s widely
expected reduction in monthly bond purchases.
The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of global equities.
The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of global equities.
Today STI opens with gap up @ 3090.36 and then it
recovers some points and made day high @ 3109.58. STI faced
Resistance at that level and fell below 3100 mark and took support at
day low of 3082.56, finally closed @ 3084.41 with loss of 4.44 points
down by 0.14%.
Volume was 3.97
billion shares worth S$1.47 billion. Losers outnumbered gainers 248
to 199.
Singapore's
manufacturing sector expanded 2.7 % in July compared to a year ago,
as the city-state's electronics sector continued to show signs of
improvement. Electronics output for July grew 3.5 % year-on-year
Market
forecast:
STI
continued down trend and closed lower for 7th
day, closed below 3100 mark.
STI
formed candlesticks that have a long upper shadow and small body with
small lower shadow. It shows bearishness in index
We mention
in our previous report that STI having support level @3065 mark which
lowest mark of pattern which replicate like rising wedge and as per
the pattern if STI can go down if it crossed lower level.
Support:
STI having
immediate support @ 3050 level and below this level it can take
support @ 3035-3010 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3120 and above this level it may take
resistance @ 3150-3180 levels.
Technical
indicators:
Technical
indicators MACD, RSI and CCI all are looking bearish
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