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Market Reviews:
STI fell below its major support zone i.e 3050 mark and
closed well below this level.
STI opens with good gap down @ 3065.88 and then recovers
some points and made day High @ 3077.48. As STI is in down trend it
faced resistance at that high level and fell below support zone and
took support @ 3027.65 and finally closed with loss of 50.39 points @
3034.20 down by 1.63%.
The
Department of Statistics, on a year-on-year basis, overall business
receipts grew by 7.7% in second quarter 2013, with all services
industries registering positive growth. Compared with the same
quarter in 2012, the business receipts of the financial &
insurance services industry grew by 13.9% and that for the real
estate, rental & leasing services by 11.5%.
Business receipts of the services
industries, excluding wholesale & retail trade and accommodation
& food services, rose 2.0% in second quarter 2013 over the
previous quarter.
Market
forecast:
STI
crossed its major support zone of 3050 and closed below this level
which shows more downside movement in market.
STI
formed candlesticks called falling
window, the current period's high is lower than the previous period's
low, leaving a downside gap on the chart. An upward reaction or
correction against the downtrend is likely to find resistance within
the window - that is, the previous period's low should offer
resistance to any upward reaction against the downtrend.
It
is a bearish continue pattern and as STI closed below 3050 level so
we can see more downtrend in index. STI touched its long tern support
level which made by its previous lower levels i.e. 2521 and 2715.60
and third point is 3027 today's lower level.so if Index crossed this
level then we can see free fall in market.
Support:
STI having
immediate support @ 3025 level and below this level it can take
support @ 3005-2980 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3050 and above this level it may take
resistance @ 3065-3090 levels.
Technical
indicators:
Technical
indicators MACD, RSI and CCI all are looking bearish
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